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CU Home Preservation Refinance | CU Home Preservation Loan Modification
Welcome to CU HomeKeepers
Preserving Homeownership is Your Goal – and Ours
Changes to CMG MI’s HARP Program Become Effective December 2, 2011
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: Must meet GSE guidelines.
- 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.
CMG MI understands that helping your member keep his or her home is important for Credit Unions. We fully support the government’s Home Affordability and Sustainability Plan (HASP), designed to assist eligible homeowners in need to refinance or modify their mortgages.
To support HASP and Credit Unions nationwide, we’ve created CU HomeKeepers – a suite of new and existing CMG MI programs that work with the government plans to preserve homeownership and keep CMG MI-insured mortgage loans current.
Your CMG MI Account Executive is available to work with you to identify which CU HomeKeepers program may best serve your member in distress. CMG MI is flexible in modifying the mortgage insurance terms on loans modified to improve your members’ monthly mortgage payment and overall ability to stay in their homes.
CMG MI’s HomeKeepers Programs comprise:
Read our Home Affordability and Sustainability Plan Overview.
Current Certificate
To determine if the member’s loan is currently insured by CMG MI, please call our Field Underwriting Network at (888) 746-6264 or the Customer Service team at (800) 909-4264. Credit Unions with access to e-servicing can log in at www.e-cmgmi.com.
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Important Notice: The National Credit Union Administration (NCUA) has issued a warning on the prevalence of loan modification/foreclosure rescue scams. The Financial Crimes Enforcement Network (FinCEN) has also posted several articles relating to this topic. Credit Unions should review the warning, the FinCEN articles and, if appropriate to the circumstances, legal counsel for the Credit Union, in order to be prepared to encounter potential fraud in their loss mitigation/loan modification efforts.
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CMG MI encourages its insureds to pursue all reasonable and legally appropriate means to mitigate potential losses they may sustain. The discussion in the pages that follow highlights some loss mitigation options for CMG MI insureds to consider. Please note, however, that CMG MI does not waive and expressly reserves all of its rights under the applicable First Lien Master Policy regarding the mortgage insurance coverage. CMG MI insureds should comply with all conditions and actions that the First Lien Master Policy requires for the insured. The insured’s failure to do so could jeopardize its coverage. If you have any questions about CMG MI’s First Lien Master Policy requirements, please contact Sandy Wong at (415) 284-2528, or email her at sandy.wong@cmgmi.com.
CMG MI Understands the Comfort of Home
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