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CU System
CMG MI issues white papers for CU mortgage lenders
SAN FRANCISCO (7/15/10)--CMG Mortgage Insurance Company (CMG MI) has developed three new white papers, including one that offers guidance to credit union mortgage lenders feeling overwhelmed by current volume levels and seeking practical advice on how to improve their efficiencies. “Managing Production Challenges Resulting from Unexpected Increases in Volume,” was created by the Mortgage Insight Panel, an advisory group of credit union executives sponsored by CMG MI that focuses on ways to support credit unions seeking to begin providing mortgage lending services to members. Mortgage volume for credit unions has increased significantly in recent years, especially as credit unions moved to fill the space vacated by banks and other originators. Many have experienced considerable stress on their operations and staff as a result of the unprecedented demand. “The solutions proposed in this paper to the challenges of processing, pipeline management, communication plans, technology and simply transitioning from a refinance market to a purchase market are the result of shared best practices and success stories from around the country,” said panel member Denine Messersmith, vice president for real estate lending with NRL FCU, Oxon Hill, Md. “By implementing them, credit unions can take control of their mortgage lending operations and maximize their opportunities.” The white paper is available on the CMG MI Web site. Use the link. The Mortgage Insight Panel has also completed two more white papers on the topic of loss mitigation, “Loan Modification vs. Loan Refinance” and “Success Stories on Loss Mitigation.” “Even as the housing market continues to improve, loss mitigation remains an important focus for credit unions,” said panel member Deborah Atherton, vice president of real estate lending at Anheuser-Busch Employees CU, St. Louis. “One of the white papers we have developed around this topic offers success stories that can serve as models for credit unions seeking advice on best practices. The other paper assists them in reviewing various scenarios and determining whether a refinance or a loan modification would be the best option for the member and the credit union.” “The Mortgage Insight Panel exemplifies the values of the credit union movement--education, shared knowledge, and a community focus,” said Joe Dillon, senior vice president and general manager of CMG MI. “As part of our commitment to that movement, we support the panel and the work they do to equip credit unions with the understanding and tools to successfully embrace mortgage lending. This newest white paper is a great example of how credit unions work collaboratively to benefit the broader goal.”
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