A new program from CMG Mortgage Insurance will allow credit unions with delinquent mortgage holders a wider range of options in helping them keep their homes.
The new program is called the Foreclosure Prevention Advance, and it will allow a credit union to use some money that it might receive from a mortgage insurance claim following a foreclosure to help delinquent homeowners catch up on their mortgage payments, prevent the foreclosure and remain in their homes.
"CMG MI strongly supports credit unions and credit union servicers trying to prevent foreclosures, and we are initiating the FPA option to provide direct, targeted assistance," said Scott Romesburg, senior director of underwriting, operations and technology at CMG MI.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
