CUNA Mutual May Shop MortgageCompany

MADISON, Wis. - (10/03/05) -- CUNA Mutual Group said last week itis exploring various options with its CUNA Mutual Mortgage Corp.,including the sale, in whole or in part, of credit unions' biggestmortgage conduit. A sale of the unit is under consideration as aretwo other options -- a joint venture and a partnership in whichanother entity would manage the operation, a CMG spokesman told TheCredit Union Journal last week. "We are currently evaluating ourmortgage operations for strategy and future direction," said theCMG spokesman. "CUNA Mutual is looking at all its businesses rightnow, not just mortgages." CUNA Mutual Mortgage originates, fundsand services loans for small- to medium-sized credit unions. Thecompany helped credit unions originate $1 billion of mortgages overthe last year and has built up a mortgage portfolio of $11billion