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CU Homekeepers Homepage | EZ-Refi | Standard Refi
CU Home Preservation Refinance | CU Home Preservation Loan Modification
CU HomeKeepers
Guidelines for CMG MI’s CU Home Preservation Refinance Program
To be considered for the CU Home Preservation Refinance Program, the insured loan must meet all of the agency’s eligibility, guidelines, and delivery requirements, in addition to the following CMG MI eligibility requirements:
CU Home Preservation Refinance
CMG MI's Additional Eligibility Requirements |
| Eligible Lender |
The submitting lender must:
- Have the servicing rights on the Existing Loan; and
- Will be the servicer on the Refinance Loan; and
- Have the ability to originate new loans; and
- Have possession of the original loan file; and
- Agree to the terms of the Home Preservation Refinance Program
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| CU Mortgage Insurer |
The loan must already be insured by CMG MI and the certificate must be in-force |
| Loan Amount |
The new loan amount may include the following:
- Payoff of the existing first lien (includes the unpaid principal balance and interest accrued through the date the loan will be paid off) including reasonable and customary closing costs.
- The maximum of closing costs that can be financed:
- For loan amounts less than or equal to $417,000 - 4% of the existing loan's unpaid principal balance plus accrued interest, or $5,000, whichever is less
- For loan amounts greater than $417,000 - 4% of the existing loan's unpaid principal balance plus accrued interest, or $10,000, whichever is less
- Existing subordinate liens must be re-subordinated or paid off with the borrowers own funds.
- The borrower may receive no more than $250 cash back at closing. All other funds must be applied as a principal curtailment on the new loan
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| Distressed Markets |
CMG MI’s Distressed Markets Policy does not apply to this program |
| Eligible Borrowers |
- The new refinance is for the original borrowers on the currently insured loan
- Borrower changes are permitted as GSE policies allow
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| MI Coverage |
- MI coverage percentage will be the same.
- The type of mortgage insurance on the loan cannot be changed. A borrower-paid mortgage insurance policy will remain as a borrower-paid mortgage insurance policy.
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| MI Premium Rate |
The MI premium rate (in basis points) will remain the same. If the unpaid principal balance of the new loan is greater than the original loan amount, the premium amount will increase. |
| MI Certificate Number |
The CMG MI certificate number will remain the same. A ‘HARP Certificate Amendment Request Confirmation’ notice will be faxed to the customer if the loan is eligible under HARP. |
| Occupancy |
The occupancy is the same as the original insured loan. If the occupancy was originally insured as a second home or investment property, the Occupancy Type can be changed to primary if the property is the borrower's primary residence. |
| Payment History |
- Existing loan must be current with no mortgage delinquencies in the last 90 days
- If the P&I payment is staying the same or decreasing, one 30-day delinquency is allowed within the lesser of the last 12 months or the life of the mortgage loan
- If the P&I payment is increasing, no 30-day delinquencies are allowed within the lesser of the last 12 months or the life of the mortgage loan
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| P & I |
If the existing principal and interest payment increases by more than 20% of the principal and interest payment that was most frequently made by the borrower during the most recent 12 months (or since the Note Date of the loan being refinanced if the Note Deed is less than 12 months prior to the application date of the new loan), income and employment must be verified and the maximum DTI is limited to 55%. Required income documentation verification:
- Salaried borrowers – minimum of one paystub indicating the most recent 30 days’ earnings and year-to-date earnings and a verbal VOE
- Self-employed and other non-salaried borrowers – minimum of one year's tax return and a verbal VOE
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| Submission Requirements to CMG MI |
- e-cmgmi.com - Please refer to the e-cmgmi Quick Start 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, (925) 658-6202).
- Complete the Home Preservation Refinance (HARP) Request Form and fax to the Underwriting Network at (888) 763-2264
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| Other |
The original representations of the Insured remain intact and in full force. The Credit Union and/or Servicer represent and warrant that all the information as indicated on the CMG MI Home Preservation Refinance (HARP) Request Form is true and accurate. CMG MI continues to reserve all rights under its Master Policy, including the right to rescind coverage for reasons stated in the Master Policy or in accordance with applicable law. Credit Union and/or Servicer must provide to CMG MI the original loan file and/or refinance or modification file upon CMG MI's request. |
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.
*If the new refinance loan is not serviced by the current servicer of the existing mortgage, please contact MI Operations and Underwriting at (415) 284-2574 or support.desk@cmgmi.com.
CMG MI Understands the Comfort of Home
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