NAFCU Services Corporation announced its first major agreement with CUNA Mutual Group Jan. 5 as a preferred partner that will provide a mortgage payment protection product.
Terms of the deal were not released.
"They [CUNA Mutual] have been a long supporter at conferences and sponsorships but this is the first true partnership of this type," Randy Salser, president of NAFCU Services Corporation, said. "This is a product that is new and innovative and is a good entry for them to talk to credit unions."
CUNA Mutual Group launched its mortgage payment protection product in 2015, which helps cover a member's mortgage payments in the event of a job loss, disability or death.
Through its preferred partner program, NAFCU will introduce and educate CEOs about the mortgage payment protection product through webinars, blog posts and other channels.
"NAFCU is known for its educational, advocacy and compliance assistance and it makes it very easy for credit union CEOs to find something that is not necessarily directly through CUNA Mutual," Salser said.
The mortgage payment protection plan can help credit unions prevent loan defaults, delinquencies and foreclosures, generate noninterest income and deepen member relationships, according to CUNA Mutual.
"We are proud to partner with NAFCU on our Mortgage Payment Protection product as an important offering to help credit union members," Robert N. Trunzo, president/CEO for CUNA Mutual Group, said in a prepared statement. "We look forward to working with NAFCU and credit unions to help credit union members secure a better financial future."
"We are thrilled to formally partner with CUNA Mutual Group to help credit unions protect their members and manage risk," Dan Berger, NAFCU President/CEO and chair of NAFCU Services Corporation, said. "CUNA Mutual Group has always been a great friend to credit unions and NAFCU members; today we strengthen our joint commitment to serving credit unions with innovative money-saving and revenue-generating products."
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