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CMG MI launches foreclosure prevention option

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SAN FRANCISCO (5/9/12)--CMG Mortgage Insurance Co. (CMG MI) has introduced a new option under its CU Homekeepers program that credit unions can use to prevent foreclosures and keep members in their homes.

With Foreclosure Prevention Advance (FPA), CMG MI will advance funds for servicers' approved initiatives designed to cure delinquencies on CMG MI-insured loans. Servicers are required to submit for review and approval a package of documentation supporting each FPA request.

"CMG MI strongly supports credit unions and credit union servicers trying to prevent foreclosures, and we are initiating the FPA option to provide direct, targeted assistance," said Scott Romesburg, senior director of underwriting, operations and technology at CMG MI. "Many members just need these additional funds to cure the delinquent loan balance.

"No repayment of the advance is expected from the member," Romesburg added.  "The goal is to achieve a sustainable, long-term home retention solution for the credit union and credit union servicer."

The program's guidelines require members participating to have stable incomes and demonstrate a commitment to keeping their homes. 

Decisions are made within two business days, and funds are forwarded to servicers within 10 business days of formal approval.

Five more companies join MnCUNs V.I.P.

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ST. PAUL, Minn. (5/9/12)--Five more companies have joined the Minnesota Credit Union Network's (MnCUN) Vendor Involvement Program (V.I.P.), bringing the total number of participants to 26.

The V.I.P. provides vendors that are committed to supporting the credit union mission with an opportunity to increase their brand's visibility among Minnesota's credit unions.

Organizations that have become V.I.P. participants in the past two months are:

  • Alloya Corporate FCU;
  • Action;
  • CliftonLarsonAllen, LLP;
  • CU Companies; and
  • Murnane Brandt, P. A.
Participants in V.I.P. agree to offer professional service, quality product lines and competitive pricing. The companies must appreciate the qualities that make credit unions unique and understand the importance of providing the best service possible to Minnesota's credit unions, said MnCUN.

Participation in V.I.P. does not constitute an endorsement by MnCUN.

CUNA announces Financial Management Schools

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MADISON, Wis. (5/9/12)--Registration and school information is now available for the upcoming CUNA Financial Management Schools, Aug. 12-16 in San Diego, announced the Credit Union National Association (CUNA).

The schools provide credit union managers and chief financial officers with experience in financially managing a credit union in a learning environment. Using the Stanford Bank Game, a software program that simulates the operations of a financial institution, credit union financial management professionals will work through the details and decisions involved in running a successful credit union. The simulation is designed to promote learning, develop on-your-feet thinking, provide feedback and establish solid skills.

Expert speakers, including CUNA senior economist Steve Rick, will help distill the financial management lessons learned through the simulation and prepare attendees to manage their own credit unions.

The CUNA Financial Management Schools are offered in three parts:

Part 1. All staff members involved in the financial decision-making at their credit union can attend Part 1 to learn how to manage the financial aspects of their institution. Attendees will get hands-on-experience working with a team through the Stanford Bank Game scenarios and listen to guided lectures that will draw out the lessons to be learned in each simulation.

Part 2. This segment continues the themes and theories discussed in Part 1, with the financial simulations gradually becoming more advanced. Discussions of financial theories will move beyond the introductory stages and touch upon high-level decision making, such as strategic financial forecasting for long-term growth. Past participants include CEOs, chief financial officers, senior vice presidents and other senior management positions.

Part 3. This segment is designed for advanced financial management professionals and departs from the asset-liability simulation structure of Parts 1 and 2. Part 3 attendees will work through issues specific to their credit union in discussions with a supportive group of educated peers and industry experts.