MADISON, Wis. (6/25/15)--CUNA Mutual Group has launched its new mortgage payment protection product for credit unions and members. The new product covers mortgage payments in the event of a borrower’s death, disability or involuntary unemployment.
“When we talk to families about their financial concerns, it’s clear that the ability to keep up on vital payments—like their home mortgage—is top of mind,” said Chris Arenz, CUNA Mutual Group director of mortgage payment protection.
“When the unexpected happens, they want to know that they can stay in their home without draining their savings, putting their credit score at risk, or compromising their long-term financial health,” Arenz said. “Mortgage payment protection provides yet another compelling reason for people to rely on their credit union for home financing needs.”
The new product leverages the MortgagebotPOS processing system. CUNA Mutual Group has begun a phased rollout of the new product with credit unions in select markets natiowide and plans to broaden availability through 2016.
The company offers the product with complimentary systems training for loan officers and other users.