RANCHO CUCAMONGA, Calif. (4/23/08)--CO-OP Financial Services announced a patronage pool of $24.5 million for 2007, with a record cash disbursement of $13.3 million. “Many factors contributed to the 10% increase in cash distribution to our shareholders,” said Stan Hollen, CO-OP Financial Services president/CEO. “In 2007, we brought our members cost-savings with our 10th price reduction in 10 years. We also set another annual transactions record of 1.6 billion, thanks to partnering with Credit Union Service Corporation to operated CO-OP Shared Branching,” he said. The disbursement represents one cent per ATM and point-of-sale transaction. CO-OP, headquartered in Rancho Cucamonga, Calif., is a credit union service organization that operates CO-OP Network.
SAN FRANCISCO (4/23/08)--Standard & Poor's (S&P) has affirmed an “AA-” insurer financial strength (IFS) rating for CMG Mortgage Insurance Co. (CMG MI), but included a Negative Rating Outlook, according to CMG MI. CMG MI said the S&P report stated that “the insurer financial strength rating on CMG MI is based on its leadership position within its niche focus on credit unions, its effective use of operational support from parents, the very strong credit quality of credit unions’ customers and its strong operating performance.” CMG MI has also been removed from S&P’s CreditWatch with negative implications. The mortgage insurance company is a 50-50 joint venture between PMI Mortgage Insurance Co. and CUNA Mutual Investment Corp. CUNA Mutual, in turn, is owned by its member credit union companies and their members. CMG MI said the S&P report specifically declares that the recent downgrade of PMI “will not have a material impact on CMG MI’s financial strength.” Kathy Schroeder, CMG MI senior vice president and general manager, said her company is in a “very strong position.” “As the only mortgage insurance provider that exclusively serves credit unions, we have benefited from the high quality of business originated by credit unions as well as the implementation of risk management and loss mitigation techniques,” she said in the release. Brian Shepherd, CMG MI senior vice president and general manager, added, “Our parent companies’ expertise in combination with CMG MI management experience gives us the advantage of being well-prepared to meet the challenges of the current market.”