CUNA Mutual partners with MGIC

TruStage and MGIC have announced a partnership to provide private mortgage insurance to credit unions. The new program, “CUNA Mutual Group Private Mortgage Insurance, provided by MGIC,” aims to make home ownership more accessible to credit union members by reducing risks for lenders.

Private mortgage insurance helps members purchase a home faster by eliminating the need for a 20% down payment. In turn, the program protects lenders with a financial guaranty against defaults on mortgages with loan-to-value ratios greater than 80%.

“At CUNA Mutual Group, we are committed to helping all consumers achieve a brighter financial future. 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. Our partnership brings together two strong financial organizations that have remained committed to their missions through many economic cycles. 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.” – Laurie Winger, chief financial and product officer at CUNA Mutual Group.

“MGIC is excited to join forces with the highly respected CUNA Mutual Group. Together we look forward to bringing our solutions and experience to the entire credit union sector.” – Jay Hughes, executive vice president of sales and marketing at MGIC.