SAN FRANCISCO – Actions taken by the Arizona Department of Insurance to place PMI Mortgage Insurance under supervision will not have any affect on CMG Mortgage Insurance Company or its clients, CUNA Mutual Group said in a released statement.
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“As a stand-alone, incorporated entity with its own capital, and dedicated staffing from its shareholders, CMG MI is strong and committed to the credit unions it serves,” said CUNA Mutual VP Sean Dilweg in a statement.
The statement further noted that CMG MI has the industry’s lowest portfolio delinquency ratio at 5.3% as of June 30, an improvement from 5.6% on March 31. This figure compares to an industry average in the 16% range.
