What's New

Register for CMG MI’s 2012 Webinars!

The Webinars offered by CMG Mortgage Insurance Company (CMG MI) are some of the most popular training sessions available to Credit Unions involved in mortgage lending – with more than 42,000 professionals having attended one of our classes.

For 2012, we’ve added new topics and updated existing ones. Our focus is always on providing training that reflects the most current housing market and lending trends, so you’ll be prepared for real-life situations.

The Webinar schedule through May of 2012 is now posted. Register today, as spaces go quickly. For details on our Webinar sessions, including schedules and course materials, visit www.cmgmi.com/webinars.

S&P Affirms "BBB" Rating for CMG MI

In early February 2012, Standard & Poor’s Rating Services affirmed CMG MI’s “BBB” rating, maintaining a negative outlook.

Although the report expressed concerns about the private mortgage insurance sector as a whole, it noted that "Relative to its peers … CMG MI’s operating results have improved at a faster and more stable rate."

"We are pleased by S&P’s decision to affirm our rating," said Kim Shaul, senior vice president and co-general manager of CMG MI. "CMG MI has worked closely with credit union customers to actively manage our portfolio, while implementing risk management practices to ensure the quality of new business."

Read the full S&P report here.

Effective 1/31/12 – CMG MI Removes 4 Florida MSAs/MSADs from Geographic Limitations List

Effective January 31, 2012, CMG Mortgage Insurance Company (CMG MI) is making changes to our Conforming, Non-Conforming and EZ Decisioning Guidelines.

We are removing the following four Florida MSAs/MSADs from our list of geographic limitations, as a result of market condition improvements:

• Deltona-Daytona Beach-Ormond Beach, FL
• Miami-Miami Beach-Kendall, FL (MSAD)
• Orlando-Kissimmee-Sanford, FL
• Tallahassee, FL

Please note that condominiums will continue to be ineligible in the Miami-Miami Beach-Kendall, FL MSAD.

We recommend you notify staff and branches, and update your internal systems, as soon as possible.

Please review our updated Guidelines at a Glance tool for CMG MI’s complete program guidelines in one easy-to-use document. You can also visit www.cmgmi.com/guidelines for more information or review a summary of the specific 1/31/12 changes in Credit Risk Bulletin #1-12.

Pete Pannes Named CMG MI's Senior Vice President and General Manager

Pete Pannes has rejoined CMG MI as Senior Vice President and General Manager. He’ll be working closely with Kimberly Shaul, CMG MI’s other Senior Vice President and General Manager under the terms of the company’s joint venture agreement.

Pete previously served in this role at CMG MI 2002-04, having held a series of management positions at the company since its founding in 1994.

“CMG MI is a cornerstone franchise and a market leader,” he said. “It has a long history of providing exceptional value to the credit union mortgage market and I’m excited to once again be a part of that.

For more information, please see our press release.

Listen to Ira Oskowsky’s Expert Insights on Mortgage Lending Strategies for 2012

In a recent ACUMA Webcast, CMG MI’s Regional Sales Director for the East, Ira Oskowsky, shared his insights on how Credit Unions can strategically seek out and leverage opportunities to grow their volume.

Now an online recording of this exclusive session is available to the valued customers of CMG MI! Follow along as Ira delivers his insights in ACUMA’s “Online Strategy Workshop” at your own convenience:

• Why Credit Unions need to offer mortgages
• How to work with the member’s home financing requirements
• Ways to increase mortgage production
• Current and future mortgage product alternatives and useful best practices
• The value of partnerships with mortgage CUSOs, non-Credit Union aggregators, Realtors, government entities and private entities, which can help expand mortgage lending opportunities

You can access the Webcast by clicking here*

*Note: You will need to have WebEx installed to view this presentation.

William Fanning is CMG MI’s 2010 Account Executive of the Year!

At CMG MI’s Annual Company Meeting in early January, William Fanning was recognized as the company’s Account Executive of the Year for 2011.

Currently supporting customers in the states of Florida, Georgia and South Carolina, William earned the honor for his consistent, dedicated focus on providing guidance and best practices training to Credit Unions. He’s become a leader in the region – and helped CMG MI become the leader there too – through his determined advocacy on behalf of Credit Unions faced with loss mitigation and other challenges.

We hope you’ll join us in congratulating William!

CMG MI Announces Key Organizational Changes to Benefit Customers

We’ve Expanded Our Underwriting Network and Introduced “Always a Live Person” Policy

Effective immediately, CMG MI has made some exciting organizational changes to enhance our value to customers.

We’ve expanded our Underwriting Network, appointing Marty Selgrath as National Underwriting Operations Director and creating three regional Underwriting Manager positions with additional underwriters to support them.

In addition, we’re announcing a new “always a live person” policy that ensures customers can always talk to a CMG MI professional during business hours, rather than an automated system or a third-party call center. See our updated Contact Flyer for a complete list of direct phone numbers and hours.

We’re also pleased to announce that Janet Parker has been appointed Vice President of Risk Management, Quality Control and Training.

The transition will be smooth. No changes to your systems or routines will be necessary. Questions? Contact your CMG MI Account Executive.

CMG MI Launches EZ Decisioning^SM

CMG MI announces faster, easier loan submissions with our new EZ Decisioning program.

Effective immediately, conforming loans that meet our EZ Decisioning program guidelines and receive a DU® Approve/Eligible, DU Expanded Approval/Eligible or a LP® Accept/Eligible are eligible for submission with AUS indicated documentation.

Qualify more members – and in less time! EZ Decisioning allows:

• Credit scores down to 620 for LTVs ≤ 95% and 700 for 97% LTVs
• No borrower contribution required with credit score ≥ 720
• Maximum DTI ratio and reserves as indicated by DU/LP

For more information, click here.

Listen to Blaine’s New Sound Bytes for 2012!

Six New Bytes Bring Valuable Insights to Credit Unions Gearing Up for 2012

Blaine’s Sound Bytes made a splash in 2011, as CMG MI’s Customer Training Manager Blaine Rada launched his series of training audiocasts covering a variety of industry topics. Credit Unions gave the series an enthusiastic thumbs-up.

Now Blaine’s released six new Bytes for 2012. “Credit Unions need to keep abreast of the major developments that will affect their lending business,” he said. “It’s my goal to have them understand not just the mechanics, but also the psychology that underpins most mortgage transactions.”

Check out Blaine’s latest Sound Bytes for 2012!

MI Tax-Deductibility Ends December 31, 2011

Pending action by Congress, the currently existing tax deduction for mortgage insurance (MI) premium is scheduled to end on December 31, 2011, at midnight.

CMG Mortgage Insurance Company (CMG MI) supports the extension of MI tax-deductibility as an important consumer benefit that facilitates homeownership. We will keep you updated as to the status of this tax deduction through 2011 and beyond, as Congress may reinstitute the deduction later in 2012.

Please visit www.cmgmi.com/mitaxdeductibility periodically to check for updated information.

Effective 12/15/2011 – CMG MI Announces Expansion of Conforming & Non-Conforming Guidelines

Effective December 15, 2011, CMG Mortgage Insurance Company (CMG MI) is relaxing our Conforming & Non-Conforming Program Guidelines, as follows:

• The minimum reserves requirement is waived for owner-occupied rate/term refinance transactions.
• For loans greater than $625,500, two options are now allowed for appraisals. The newest option allows one independent interior/exterior appraisal with photos AND an exterior only appraisal (Form 2055) supporting the appraised value.
• Updating CMG MI’s Conforming & Non-Conforming Program Guidelines to refer to CMG MI’s Risk Underwriting Manual for complete Property Flipping Policy.
• Condominium eligibility guidelines have been updated to state that all condominium projects must meet standard Agency Guidelines. Lenders are responsible to determine that all project eligibility representations and warranties are met.

We recommend you notify staff and branches, and update your internal systems, as soon as possible.

Please review our updated Guidelines at a Glance tool for CMG MI's complete program guidelines in one easy-to-use document. You can also visit www.cmgmi.com/guidelines for more information or review a summary of the specific 12/15/11 changes in Credit Risk Bulletin #8-11.

Chapter 11 Filing by TPG Will Have No Impact on CMG MI’s Operations

On November 23, The PMI Group, Inc. (TPG), filed for Chapter 11 protection. TPG is the holding company for PMI Mortgage Insurance Company (PMI).

TPG’s subsidiary, PMI, owns a 50 percent share in CMG MI – the other 50 percent being owned by CUNA Mutual Group).

CMG MI, however, is a stand-alone corporate entity with our own capital and dedicated staffing from shareholders.

The bankruptcy filing by TPG will have no impact on CMG MI’s day-to-day operations, including claims-paying and policy servicing. We will continue to support our customers’ mortgage insurance needs without interruption, over the long term.

If you have questions regarding this topic, please forward them to your CMG MI Account Executive.

CMG MI Enhances Support for HARP, Effective 12/2/11

CMG Mortgage Insurance Company (CMG MI) is pleased to announce some key enhancements that will support the recent changes to the Home Affordable Refinance Program (HARP) recently announced by the Federal Housing Finance Agency, Fannie Mae and Freddie Mac.

Key Changes to CMG MI’s HARP Program, Same Lender/Servicer and New Lender/Servicer, Effective 12/2/11:

• Closing Costs - The current 5% of the existing loan’s unpaid balance (UPB) plus accrued interest maximum as to the amount of financed closing costs has been eliminated. The new guideline is "reasonable and customary closing costs may now be financed into the new loan amount."
• Mortgage Payment History: 0 x 60 in the past 12 months has been changed to 0 x 30 in past 6 months, 1 x 30 in the past 12 months.
• Reps and Warranties: For the Same Lender/Servicer program only, CMG MI relieves lenders of the representations and warranties associated with the original loan file.

For more details on CMG MI’s changes to our HARP program, please visit our Website at www.cmgmi.com/harprefi or consult our CMG MI HARP Guidelines – Same Lender/Servicer and New Lender/Servicer.

Register for CMG MI’s Last Webinars of 2011!

Before you settle down to turkey in late November, take the opportunity to train. CMG MI’s last Webinars of 2011 are being held in mid-November - and spaces will go fast, so don’t miss out!

These complimentary sessions continue to set the industry standard for Credit Union training. Register today for the training that will help prep you for the new year.

For details on our Webinar sessions, including schedules and course materials, visit www.cmgmi.com/webinars.

CMG MI’s Ira Oskowsky Shines at Discovery 2011

Listen to His Talk on “Improving Your Mortgage Business in a Down Economy”

CUNA Mutual held the annual Discovery Conference early in October. CMG MI’s Regional Sales Director Ira Oskowsky hosted a major session at the Conference on “Improving Your Mortgage Business in a Down Economy.”

Ira’s insights and recommendations were received enthusiastically by the Credit Union attendees. If you missed it or would simply like to hear the presentation again, click here to listen to a recording of the session.

Spread Your Wings and Fly with CMG MI!

CMG MI’s New Weekly Online Contest Starts October 3, 2011!

CMG MI rules the roost when it comes to helping CU grow their share of the mortgage market. We plume ourselves on our ease of use, our speedy turnaround times and our flexible guidelines that help you qualify more members.

So starting October 3, Spread Your Wings and Fly with CMG MI! Our latest online contest is four weeks of fun as you learn more about CMG MI’s support for your mortgage lending business.

500 Prizes Each Week!

You won’t squawk when you receive one of our Fine Feathered Friends! These gorgeous singing birds look and sound just like the real thing.

To play, simply visit our contest Webpage October 3-30 each week and answer the posted question. If you’re correct, we’ll enter you into the winners’ drawing! Read our contest flyer to learn more.

Standard & Poor’s Affirms CMG MI’s Rating of BBB, Predicts Return to Profitability Ahead of Other MIs

On September 16, 2011, Standard & Poor’s (S&P) issued its report on CMG MI, affirming our current insurer financial strength rating of “BBB,” with a Negative Outlook.

The report cited CMG MI’s “strong competitive position,” “historically effective use of its parents’ expertise,” and the fact that our company has “performed better than other private mortgage insurers that sustained significantly large pretax operating losses since 2007” to support its prediction that “CMG MI will return to profitability in 2012, unlike many of its peers.”

Moreover, S&P stated, “CMG MI continues to have the lowest default rate in the industry at almost one-third the industry median of 14.9% as of June 30, 2011.”

“S&P noted CMG MI’s ‘sound strategic vision’ and our ‘strong relationships with member credit unions,” said Michael Edwards, CMG MI Senior Vice President and General Manager. “We’re pleased that Standard & Poor's recognized our superior underwriting, risk management expertise, portfolio performance and continuing leadership in the credit union segment. As a stand-alone, financially stable company, we’re looking forward to using our industry-leading position as a foundation for future growth – which will benefit our customers as well.”

Read the complete S&P Report.

Take Advantage of 4-Hour Turnaround on ALL EZ Apps!

CMG MI now offers 4-hour underwriting turnaround on all EZ App submissions! With rates at historic lows and your pipeline at capacity, it’s just what a busy Credit Union needs.

For non-delegated applications, EZ App is the fastest, easiest way to order MI from CMG Mortgage Insurance Company (CMG MI), requiring only minimal documentation. Make members into homeowners faster – with 4-hour turnaround on CMG MI’s EZ App!

For more information, read our flyer.

CMG MI Responds to Arizona Action and Confirms Continuing Commitment to Credit Unions

In response to the recent action taken by Arizona's Department of Insurance placing PMI Mortgage Insurance Co. under supervision, CMG MI has issued its response and announced that the move will not impact CMG MI's new business originations or servicing of existing policies. 

There will be no interruption in daily operations, with CMG MI continuing to write business in all 50 states. 

"In addition to the company's solid operating performance and strong financial footing, CMG MI continues to enjoy the strong support of its joint venture partner CUNA Mutual Group," said CUNA Mutual Group Vice President Sean Dilweg.  Dilweg went on to say "CMG MI will continue to benefit tremendously from CUNA Mutual's management and financial strength as well as PMI's ongoing operational services."

Read the complete press release here.



Register for CMG MI's Fall Webinars!

CMG MI's complimentary Webinars are some of the most popular training sessions on mortgage lending skills available to Credit Unions. For fall, we’ve added new sessions through November that can really help you identify risks and opportunities in a problematic housing market.

As always with CMG MI’s training, our Webinar content is up-to-date and reflects the latest trends and developments in the industry. Our Appraisal Review session, for example, will cover the new Uniform Appraisal Dataset (UAD) changes that become effective September 1.

Register today, as spaces go quickly. For details on our Webinar sessions, including schedules and course materials, visit www.cmgmi.com/webinars.

Effective Immediately – CMG MI Announces Expanded Conforming & Non-Conforming and Revised Construction-to-Perm Guidelines

Effective today, August 15, 2011, CMG Mortgage Insurance Company (CMG MI) is further relaxing our Conforming & Non-Conforming Program Guidelines:

• Reducing the credit score requirement from 740 to 700 for loans with LTVs 95.01-97%, and also allowing rate/term refinance transactions in the LTV range.
• Expanding co-op property guidelines to allow LTVs up to 95% for loan amounts to $417,000 with a minimum 680 credit score (a 700 credit score is required in markets with geographic limitations; co-op eligibility limited to CT, NJ, NH, MA and NY)
• Relaxing required DU/LP recommendations for Employment, Income and Assets Documentation Efficiencies to allow DU Approve, DU Expanded Approval and LP Accept.

We are also making some changes to our Construction-to-Perm Program Guidelines. We recommend you notify staff and branches, and update your internal systems, as soon as possible.

Please review our updated Guidelines at a Glance tool for CMG MI’s complete program guidelines in one easy-to-use document. You can also visit www.cmgmi.com/guidelines for more information or review a summary of the specific 8/15/11 changes in Credit Risk Bulletin #7-11. Updated rate sheets are available at www.cmgmi.com/rates.

CMG MI Reconfirms Financial Strength and Stand-Alone Status

In light of recently reported financial results in the mortgage insurance industry, CMG Mortgage Insurance Company (CMG MI) has issued a statement confirming its financial strength and its ability to originate new mortgage insurance.

“Despite current industry stresses, CMG MI is on solid financial footing,” said Kim Shaul, Senior Vice President and General Manager of CMG MI. “CMG MI leads the mortgage insurance industry in several key areas – ratings, risk-to-capital and delinquency ratios, and liquidity.

“Because CMG MI works exclusively with credit unions, who know their members, our book of business performs at a higher level. Rating agencies have also recognized this strength as well as our successful record in loss mitigation.”

Read the complete press release here.

Fitch Ratings Affirms CMG MI IFS Rating of BBB

On July 26, 2011, Fitch Ratings issued a press release affirming CMG MI’s current Insurer Financial Strength Rating of “BBB,” with a Negative Rating Outlook.

The release cited CMG MI’s “stronger relative capital levels and less deterioration in the credit performance of the company’s insured portfolio as compared to those of its peers … As of March 31, 2011, CMG MI’s total capital resources represented over 150% of its delinquent risk-in-force, the highest ratio among the six active U.S. mortgage insurers. At 19:8:1, the company’s consolidated risk-to-capital ratio is among the lowest among its peers and is below the 25:0:1 level mandated by some state regulators."

The report noted that Fitch "analyzes CMG MI on a stand-alone basis and its IFS rating does not factor in any support from the company’s owners."

Read the complete Fitch Ratings press release.

Double Dip Unlikely Despite Problems, According to HaMMR

The July issue of the Housing and Mortgage Market Report (HaMMR) has been released and is available at www.cmgmi.com/hammr.

The report acknowledges that “The economy has been in soft patch for two months, with slow and nearly jobless growth in May and June.” However, it goes on to describe these problems as probably temporary and that while growth may remain subpar, the odds for the economy slipping back into recession are low.

Through our relationship with PMI, CMG MI is pleased to be able to make HaMMR available to our customers each month.

Read the complete HaMMR cover to cover!

Visit CMG MI’s CUREN Map to Find Your Local CUREN!

Do you belong to a CUREN? A Credit Union Real Estate Network is where you’ll network with your peers while hearing the latest about trends in mortgage lending, the Credit Union industry, new regulations and GSE requirements, plus opportunities for education and skills training.

If you’d like to find the CUREN nearest you, just visit CMG MI’s online CUREN Map. You’ll also find information on meeting dates, organizers and other informational links.

Missed our June 21 Webcast with ACUMA?
Watch the Session Recording Online

On June 21, CMG MI teamed with ACUMA for a unique Webcast, “The Unpredictable Future of the Secondary Mortgage Market.” The session filled up rapidly with Credit Union leaders who wanted to hear what CMG MI’s Secondary Director, Alan Bahr, had to say about the possible outcomes for the secondary market, which has been roiled by the economic downturn.

If you were unable to join that session, now you can watch a recording of the event online! Click here to access the recording and learn what mortgage lenders can expect from today’s market uncertainty. Regulators, lawmakers and capital markets are struggling to define new conventions and the framework for a revitalized secondary mortgage arena.

Nate Halverson Joins CMG MI

CMG MI’s Newest AE Will Cover the Mountain West Territory

Effective July 1, 2011, CMG MI welcomes Nate Halverson as our Account Executive for the Mountain West territory, covering the states of Arizona, Colorado, New Mexico, Utah and Wyoming.

Based in Colorado, Nate has been in the mortgage industry for 15 years. His experience includes retail mortgage origination, underwriting, technology solutions, mortgage insurance, and wholesale/correspondent lending.

"Credit Unions are increasingly the preferred choice of homebuying Americans and there’s a good reason for that," Nate said. "I believe my background and skill set will support my customers' goals and I’m looking forward to meeting them."

You can contact Nate via e-mail at nate.halverson@cmgmi.com or call him at (719) 313-3032.

Effective July 1, 2011 – CMG MI Lowers Surcharges for Rate/Term Refinances

Effective July 1, 2011, pending individual state approvals, CMG Mortgage Insurance Company (CMG MI) is reducing our surcharges for rate/term refinances. For loans with credit scores 720 and above, CMG MI now waives the surcharge entirely; the surcharge has been reduced to 5bps for credit scores 700 through 719.

We recommend you notify staff and branches, and update your internal systems, as soon as possible.

For more information and complete information on our rates, please see our Rates page.

U.S. Economic Growth is Slower But Weakness Probably Transitory, According to June HaMMR

The June issue of the Housing and Mortgage Market Report (HaMMR) has been released and is available at www.cmgmi.com/hammr.

The report acknowledges that "The economy clearly hit a soft patch over the past month, with a string of data suggesting slower growth," but considers it unlikely that the United States may slip back into recession.

"While the odds of the economy slipping back into recession are still very low, the chances that growth will remain subpar for a while have increased materially."

Through our relationship with PMI, CMG MI is pleased to be able to make HaMMR available to our customers each month.

Read the complete HaMMR cover to cover!

Effective Immediately – CMG MI Announces Major Guideline Expansions, Merges Distressed Markets into Conforming & Non-Conforming Program Guidelines

Effective today, June 17, 2011, CMG Mortgage Insurance Company (CMG MI) is changing the way we manage geographic risk by merging our Distressed Markets Policy into our Conforming & Non-Conforming Program guidelines. In addition, we are expanding LTVs to 95% in markets targeted for guideline limitations.

Separately, CMG MI is announcing significant additional expansions of our Conforming & Non-Conforming Program guidelines:

• Insuring condominiums up to a 97% LTV with a minimum 740 credit score
• Expanding debt-to-income ratios to 45% across all loans
• Waiving rate/term refinance surcharge for members with 720+ credit scores
• Insuring second homes up to 90% LTV
• Allowing maximum 95% LTV for loan amounts up to $625,500 with a minimum 720 credit score

We recommend you notify staff and branches, and update your internal systems, as soon as possible.

For more information, please visit our new Guidelines at a Glance tool for CMG MI’s complete program guidelines in one easy-to-use document. You can also visit www.cmgmi.com/guidelines or review a summary of the specific 6/17/11 changes in Credit Risk Bulletin #6-11.

2nd Quarter 2011 ERET Report Offers Improved HARI Tool

The new 2nd Quarter 2011 edition of PMI’s Economic and Real Estate Trends^SM (ERET Report) is now available.

Read the whole issue cover-to-cover online!

Published by PMI Mortgage Insurance Co., the ERET Report is one of the most valuable guides available to what’s going on in the real estate markets across the nation.

The latest issue of ERET presents the updated U.S. Housing Appreciation Risk Index (HARI), which offers improved forecasting accuracy as a result of some significant modeling enhancements.

Don’t miss the latest edition of this vital resource for Credit Unions involved in mortgage lending!

The ERET Report is available to Credit Union customers of CMG Mortgage Insurance Company (CMG MI) through a special arrangement with PMI Mortgage Insurance Co., one of our parent companies.

Learn More about "The Unpredictable Future of the Secondary Mortgage Market"

CMG MI and ACUMA host a unique Webcast on June 21, 2011

Credit Union leaders shouldn’t miss this opportunity! On June 21st, at 11am Pacific Time, CMG MI’s Director of Secondary Markets and National Accounts, Alan Bahr, will present an exclusive Webcast on the future of secondary.

Sponsored by ACUMA, the session offers valuable insights into what mortgage lenders can expect from today’s market uncertainty, as regulators, lawmakers and capital markets struggle to define new conventions and the framework for a revitalized secondary mortgage arena. Read more about this executive Webcast.

Spaces will go fast, so register today!

Joe Dillon Announces His Retirement; Kimberly Shaul is Named CMG MI’s New Senior Vice President and General Manager

CMG MI’s Senior Vice President and General Manager Joe Dillon has announced his retirement, effective October 31, 2011.

Joe joined the company in 2009, having previously held a series of executive positions at parent company CUNA Mutual. “We’ve all appreciated his steady guidance and his contributions to the company and our customers,” said Michael Edwards, the other CMG MI Senior Vice President and General Manager. “CMG MI and our customers wish him well in his retirement and thank him for his service.”

CMG MI has named Kimberly Shaul as the company’s Senior Vice President and General Manager. In this position, she is responsible for overseeing the company’s sales, marketing, secondary market channels and product development.

Kim will share responsibilities with Michael, who is responsible for CMG MI’s mortgage insurance underwriting, operations, claims and loss mitigation functions. The company is a joint venture between CUNA Mutual Insurance Society and PMI Mortgage Insurance Co., who each appoint an executive.

“I’m looking forward to working with Credit Unions and supporting their mortgage lending needs,” Kim said. “Credit Unions have emerged from the housing crisis as trusted alternatives to banks, thanks to their integrity and commitment to members. Their role within the mortgage finance system needs to grow and CMG MI will support that growth.”

Kim and Joe will be working together on the transition over the next few months.

Read more about Kim.