CMG Mortgage to Insure Portable Loans

SAN FRANCISCO – CMG Mortgage Insurance Co., which is partially owned by CUNA Mutual Group, yesterday became the nation’s first mortgage insurer to cover portable mortgage loans. The GO mortgage insurance program will allow credit union members with secured mortgage loans to transfer key terms of the loan, such as the interest rate, to a new residence, rather than having to apply for a new loan at market rates. Only purchase loans will be eligible for GO program coverage. CMG Mortgage Insurance is a joint venture between CUNA Mutual and PMI Mortgage Insurance Co.