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CUNA Mutual Group Makes a Move to Help Protect U.S. Homeowners

Thu, Jun 25, 2015

Madison, Wisconsin

CUNA Mutual Group has launched its new mortgage payment protection product for credit unions and members. The new product covers mortgage payments in the event of a borrower’s death, disability or involuntary unemployment. Credit unions that offer it are leveraging a comprehensive insurance and training program that protects members’ home mortgages.

The launch comes just in time for summer, which is peak moving season according to the U.S. Census Bureau. It’s also the time of year when new mortgages, mortgage refinancing and protection for these investments are likely to be top-of-mind for many Americans, especially for the 45 million who move from one home to another every year1. Mortgage payment protection gives credit unions a new way to support members and homeowners who may be less prepared than ever for emergency expenses.

“When we talk to families about their financial concerns, it’s clear that the ability to keep up on vital payments—like their home mortgage—is top of mind,” said Chris Arenz, director of mortgage payment protection, CUNA Mutual Group. “When the unexpected happens, they want to know that they can stay in their home without draining their savings, putting their credit score at risk, or compromising their long-term financial health. Mortgage payment protection provides yet another compelling reason for people to rely on their credit union for home financing needs.”

Today, nearly 60 percent of Americans say they’re not prepared for financial emergencies2. More than 30 percent (74 million people) say they have no emergency savings3.And, six in 10 households report experiencing financial shock in recent years2.

“Our mortgage protection product is one example of how we’re investing in new and innovative ways to support credit unions for the future,” Arenz added. “We are able to provide additional protection for members while also helping to mitigate risk for credit unions’ lending programs.”

As announced recently, the new product leverages the MortgagebotPOSprocessing system and provides a seamless experience for quoting and enrolling members during lending events. CUNA Mutual Group has begun a phased rollout of the new product with credit unions in select markets across the country and plans to broaden availability through 2016. The company offers the product with complimentary systems training for loan officers and other users. More information is available for credit unions at CUNAMutual.com/MPP.

Check the Families on the Move article HERE.

About CUNA Mutual Group

CUNA Mutual Group was founded in 1935 by credit union pioneers, and our commitment to their vision continues today. The company offers insurance and protection for credit unions, employees and members; lending solutions and marketing programs; TruStageTM-branded consumer insurance products; and investment and retirement services to help credit unions and members achieve financial security and success. More information is available on the company’s website at www.cunamutual.com.

CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.

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© 2015 CUNA Mutual Group, All Rights Reserved

SOURCES:

1 – USPS, Business Mail 101

2 – Pew Charitable Trust, Press Release: Pew Survey Shows Americans' Financial Worries Cloud Optimism, March 2015.

3 – NeighborWorks America, Financial Capability Survey, March 2015.