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CMG MI to provide homebuyer education for WHEDA
SAN FRANCISCO (4/6/11)--CMG Mortgage Insurance Co. (CMG MI) has launched a homebuyer education program for Wisconsin credit unions offering low-down-payment home loans through the Wisconsin Housing and Economic Development Authority (WHEDA). The program is free to credit unions and their members applying for WHEDA loans. WHEDA works with lenders, developers, local government, nonprofits and community groups to provide low-cost, fixed interest rate mortgages to low- and moderate-income families and individuals. WHEDA requires borrowers to complete a homebuyer education program as part of the application process. To assist Wisconsin credit unions in meeting this requirement, CMG MI has joined with The Housing Education Program, a division of Consumer Credit Counseling Services. “The Housing Education Program’s curriculum is innovative in its focus on the elements that drive long-term success as homeowners, even providing a customized written action plan to members completing the program,” said Joe Dillon, senior vice president and general manager of CMG MI. “Working together, we have crafted a phone counseling process that is both accessible and relevant. In addition, as long as the member remains in the home, this program makes housing specialists and credit counselors available free of charge.” While the mortgage is being processed and underwritten, the member can begin the homebuyer education modules and the budget worksheet. When the credit union receives a CMG MI mortgage insurance certificate, the member can call to set up the pre-closing counseling appointment. A joint venture between CUNA Mutual Insurance Society and PMI Mortgage Insurance Co., CMG Mortgage Insurance Co. provides private mortgage guaranty insurance to protect credit unions against potential losses if a borrower defaults.


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