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CU Home Preservation Refinance | CU Home Preservation Loan Modification
CU HomeKeepers
CMG MI’s CU Home Preservation Refinance Program* - HARP Same Lender/Servicer Program
Supports Fannie Mae’s Home Affordable Refinance Program (HARP) and Freddie Mac’s Relief Refinance Program
Read the CU Home Preservation Refinance (HARP Same Lender/Servicer) Program Document.
Our CU Home Preservation Refinance Program is suitable for Credit Union servicers with CMG MI-insured loans held by Fannie Mae or Freddie Mac that are eligible for refinances. The program fully supports Fannie Mae's Home Affordable Refinance program and Freddie Mac's Relief RefinanceSM Mortgage program.
- The refinance loan that falls within the CU Home Preservation Refinance Program is treated as a modification to an existing certificate and a new certificate number will not be issued.
- The premium rate on the modified certificate is not changed.
- Since CMG MI is insuring the existing loan, loans that fall under this program are not subject to CMG MI’s current Program Guidelines and Distressed Markets Policy, provided that the new loan improves the member’s financial position.
The refinance must improve the member’s financial position by reducing the mortgage payment, interest rate or principal balance, replacing an ARM with a fixed-rate, or providing a more stable payment product.
To qualify for this program, the loan must meet all of Fannie Mae's or Freddie Mac's eligibility guidelines and delivery requirements, in addition to CMG MI's eligibility requirements.
*Other Conditions
- The representations of the insured/servicer on the original loan do not change with a HARP refinance. As a condition precedent to CMG MI’s agreement to modify the Certificate and to insure the HARP-Refinanced Loan under the terms of the original Certificate as modified and to pay a claim on the HARP-Refinanced Loan, CMG MI will require in the HARP Certificate Amendment Request Confirmation that the Insured agree, among other things, that all of CMG MI’s rights and remedies under Master Policy and/or endorsements and/or other agreements with respect to the original loan remain in full force and effect, and that CMG MI has the right to exercise any or all of its rights to exclude or rescind coverage on the HARP-Refinanced Loan based on the facts and circumstances related to either the origination of the original loan or the HARP-Refinanced Loan. The Insured must also agree to retain and provide both the original loan file and Refinanced Loan file to CMG MI upon request.
- Refinance loans that do not meet the CU Home Preservation Refinance (HARP Same Lender/Servicer) Program requirements may be submitted under the CMG MI’s EZ-Refi Program.
There are three ways to submit a loan for this program:
- e-cmgmi - For delegated submissions only, please refer to the e-cmgmi Quickstart Guide for complete instructions on how to submit a loan
- EDI/XML: Indicator codes have been established by MISMO for lenders using EDI/XML. Please direct your questions to Simon Attwood (simon.attwood@pmigroup.com, tel. (925) 658-6202).
- Complete the CMG MI Home Preservation Refinance (HARP Same Lender/Servicer) Request Form and fax it to the Underwriting Network at (888)-763-2264
You should receive a response within 72 business hours. (Please note: The Certificate Amendment Request Confirmation will feature the “HARP” notation.)
Questions? Contact our Field Underwriting Network at (888) 746-6264 or contact your CMG MI Account Executive.
Current Certificate
To determine if the member’s loan is currently insured by CMG MI, please call our Customer Service team at (800) 909-4264. Credit Unions with access to e-servicing can log in at www.e-cmgmi.com.
CMG MI Understands the Comfort of Home
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