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EZ-Refi | FPA Option
CMG MI’s Foreclosure Prevention Advance (FPA) Option
Preventing foreclosure and preserving homeownership is important for CMG MI’s customers. CMG MI supports this goal and has come up with a new option to assist Credit Unions in helping members to retain their homes.
With our new Foreclosure Prevention Advance (FPA) option, CMG MI will advance funds to approved servicers of CMG MI-insured loans to cure delinquencies. This is not a replacement for loan modification, but works in conjunction with loan modification to promote long-term member success.
FPA is offered as an option on all CMG MI-insured loans. Servicers must submit a package of qualifying documentation on each delinquent loan for review and approval by CMG MI.
FPA Option Attributes
- The FPA funds can be used to cure a delinquent loan balance or to create an escrow fund to subsidize the modified monthly payment.
- CMG MI retains all of its rights under the mortgage insurance policy, including all requirements for loss mitigation.
- In the event of a future default and claim, FPA funds advanced will be deducted from the final claim settlement.
- Repayment of the FPA is not required by CMG MI from the member.
For more details, please consult our FPA Option Flyer.
How to Request an FPA
- Complete the FPA Request Form.
- Attach the required documentation:
Forward the FPA Request Form with attachments to firstname.lastname@example.org.
Allow 2 business days for a decision. The funds will be forwarded to the servicer within 10 business days of formal approval.
- Loan payoff statement
- Member’s current credit report
- Member letter explaining recovery plan
- Budget worksheet
Questions? Please contact Nick Bray, (415) 284-2531, or Chris Eckenroad, (415) 284-2539.