CUNA Mutual Mortgage Enters SubprimeMarket
MADISON, Wis. - (03/09/05) -- CUNA Mutual Mortgage Corp. announcedTuesday it is entering the subprime mortgage market, one of thefastest growing segments of the market. The company's initialoffering through credit unions will be 30-year, fixed-rate loansfor 'caution' loans scoring 1, 2, or 3 on automated underwritingsystems. CUNA Mutual Mortgage will underwrite, close and servicethe loans for its credit union customers. The company has beenpreparing its credit union customers for the program through aseries of webinars the last two months which representatives from151 credit unions participated in.