|
CU Homekeepers Homepage | EZ-Refi | Standard Refi
CU Home Preservation Refinance | CU Home Preservation Loan Modification
CU HomeKeepers
CMG MI’s CU Home Preservation Refinance Program* - HARP New 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 New 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 Open Access 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
- 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 requires that the Insured agree, in the HARP Certificate Amendment Request Confirmation and related documents that, among other things, all of CMG MI’s rights and remedies under the Master Policy, as endorsed, and any applicable agreements applicable to the Refinanced 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 the origination of the HARP-Refinanced Loan. The Insured must also agree to retain and provide both the Refinanced Loan file and related documents upon CMG MI's request.
To submit a loan for this program:
- Complete the CMG MI Home Preservation Refinance (HARP New Lender/Servicer Program) 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
|