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CU Home Preservation Refinance | CU Home Preservation Loan Modification

CU HomeKeepers

CU Home Preservation Loan Modification Program*

Supports the Home Affordable Modification Program (HAMP) and other loan modification programs to improve the member’s ability to make the loan payments and stay in their homes

Read the CU Home Preservation Loan Modification Program Document.

Read CMG MI's guidelines on CU HomeKeepers Loan Modification.

To qualify for the CU Home Preservation Loan Modification Program, the minimum eligibility requirements must be met. Please review the CMG MI guidelines for the CU Home Preservation Loan Modification Program.

CMG MI’s CU Home Preservation Loan Modification Program offers Credit Unions a loss mitigation intervention for all CMG MI-insured loans – held by Fannie Mae, Freddie Mac, other investors, or in portfolio -- that are at imminent risk of default, delinquent, or performing.

A member is in imminent risk of default if he/she is likely to become delinquent on a loan due to a hardship such as, but not limited to, illness, job loss, or rate increase on an existing loan, making the member unlikely to continue making timely payments.

This modification program does not replace CMG MI’s Instant Modification program which is available for modification of terms specified in the loan instrument, such as balloon resets and ARM conversions, or the CMG MI EZ-Refi Program.

Modifications for CMG MI-Insured Loans

• The transaction will be considered a modification of the existing CMG MI certificate of insurance and a new certificate number will not be issued.
• CMG MI will consider modifying any existing CMG MI certificate of insurance that meets the program criteria for this program.
• A CMG MI-insured loan can be modified by the lender or servicer under CMG MI’s CU Home Preservation Loan Modification Program to allow the lender or servicer to provide relief to a borrower at risk of becoming delinquent or who is delinquent.
• Since CMG MI is insuring the existing loan, loans that fall under this program are not subject to CMG MI’s current Program Guidelines or Geographic Limitations, provided that the modification improves the member’s financial position.
• The premium rate on the modified certificate is not changed.

*Other Conditions

• The Credit Union is responsible for ensuring that a loan modification complies with applicable laws, regulations and the provisions of any applicable securitization documents and/or has obtained investor approval. CMG MI is not a party to these agreements and has no obligation to confirm whether the proposed modification of a loan complies with applicable legal requirements or, if in a security, conforms to the relevant terms and conditions contained in the securitization documents.
• By its approval of a modification hereunder, CMG MI does not intend to alter, waive, or otherwise abrogate in any way any of CMG MI’s rights under the lender’s applicable Master Policy and/or endorsements and/or other agreements with respect to the modified loan, including but not limited to the right to rescind or exclude coverage on a loan at any time (pre- or post-modification) under the negligence and fraud exclusion in the applicable master policy.
• Some third-party modification programs require an increase in the percentage of mortgage insurance coverage. Please note that CMG MI is unable to increase the coverage percentage on an existing certificate. If your modification requires a higher coverage level than the existing loan, you will need to submit the loan as a new request for mortgage insurance coverage under the CMG MI Conforming and Non-Conforming Program.
• If the Unpaid Principal Balance (UPB) at the time of modification exceeds the original loan amount, the premium renewal rate will be applied to the modified UPB using an amortizing renewal plan.

CMG MI is committed in working with our Credit Union servicers in every way to improve the members’ ability to make their mortgage payments. If a modification request does not meet CMG MI's minimum eligibility requirements, please contact our Underwriting Network at (888) 746-6264.

To submit a loan for modification, complete the CMG MI Home Preservation Loan Modification Form and fax it to: (888) 763-2264. To designate a loan current, but at imminent risk of delinquency, please check the appropriate box on the Loan Modification form.

You should receive a response within 48 business hours.

Questions? Please contact the CMG MI Field Underwriting Network at (888) 746-6264 or 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