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CUNA Mutual Group and Mortgage Guaranty Insurance Corporation (MGIC) announced a new combined effort to provide private mortgage insurance to credit unions.
According to a statement released on Monday, CUNA Mutual Group, headquartered in Madison, Wis., said this new program called "CUNA Mutual Group Private Mortgage Insurance, provided by MGIC" will make home ownership "more accessible to credit union members by reducing risks for lenders."
"At CUNA Mutual Group, we are committed to helping all consumers achieve a brighter financial future," said Laurie Winger, chief financial and product officer at CUNA Mutual Group. "Through our new partnership with MGIC, we can now protect credit unions from risk, so they can focus on helping more members reach their dreams of home ownership."
According to CUNA Mutual Group, this private mortgage insurance will help credit union members purchase a home faster by eliminating the need for a 20% down payment. The program is expected to protect lenders with a financial guaranty against defaults on mortgages with loan-to-value ratios greater than 80%.
"MGIC is excited to join forces with the highly respected CUNA Mutual Group," said Jay Hughes, executive vice president of sales and marketing at MGIC. "Together we look forward to bringing our solutions and experience to the entire credit union sector."
"Our partnership brings together two strong financial organizations that have remained committed to their missions through many economic cycles," added Winger. "We are excited to combine efforts to provide credit unions with access to a set of unique, ready-to-market mortgage products that help differentiate their offering with specific member needs in mind."
MGIC, based in Milwaukee, has been in business for more than 60 years, according to the announcement.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
