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CUNA Mutual broadens help to CUs for real estate lending risks
MADISON, Wis. (12/3/10)--CUNA Mutual Group has partnered with WNC Insurance Services, Inc., to deliver a broader array of insurance solutions to help credit unions cover real estate lending risks. CUNA Mutual’s Collateral Protection and Mortgage Security programs protect the collateral on credit unions’ loan portfolios against uninsured exposures. Coupled with its existing consumer auto and real estate alliance with State National Companies, the addition of WNC enables CUNA Mutual to offer a strategic mix of manufactured and brokered products to protect credit unions against both consumer auto and real estate lending risks, said Chad Nitschke, CUNA Mutual vice president for commercial products. WNC will be the service provider for the expanded lender-placed and blanket real estate programs. WNC Insurance Services, Inc. is a lender-placed insurance program administrator for hazard, flood and wind risks, CUNA Mutual said. Unlike other providers who subscribe to a static “one size fits all” real estate approach in terms of coverage and price, CUNA Mutual offers the most variety of options available in the credit union marketplace today, Nitschke said. “Depending on a credit union’s specific situation we can build a real estate program using a fully tracked, immediate-issue or blanket solution across first and second mortgages, and [home equity lines of credit],” he added. “WNC welcomes the opportunity to work with CUNA Mutual to serve the mortgage protection needs of credit unions,” said Carl Herrmann III, WNC executive vice president for products and operations. “We are confident our 30-year experience in lender-placed insurance, our innovative approach and iClient technology provide quick and full protection of a lender’s interest in real estate collateral.” Existing CUNA Mutual customers are being notified about details of the new real estate options. Other credit unions interested in information about consumer auto or real estate coverage should contact their CUNA Mutual sales executive at 800-356-2644. “Based on credit unions’ specific needs for consumer auto and real estate loans, we will work with them to craft an ideal program, and I’m confident they will like what they see,” Nitschke said.
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