MADISON, Wis. (2/18/15)--CUNA Mutual Group announced it will offer a new mortgage payment protection insurance product to credit unions and their members through an alliance with D+H, a CUNA Strategic Services strategic alliance provider.
Through the alliance, CUNA Mutual Group will integrate its new mortgage payment protection insurance product directly into MortgagebotPOS, D+H's residential mortgage protection product to cover members in the event of unexpected job losses, death or disability.
"This alliance means that credit unions will have a new critical service to offer their members. It also provides a strong competitive advantage for the credit union industry," said Chuck Cashman, vice president of business development and strategic alliances for CUNA Mutual Group.
Through the alliance, credit unions can provide quotes and enroll members in the new insurance offering. CUNA Mutual Group plans to launch the product later this year and will include complimentary loan officer training for the credit unions that leverage it.
Mortgage payment protection is voluntary insurance designed to cover mortgage payments following a borrower's death, disability or involuntary unemployment.
"Just as today's potential homeowners are concerned with their ability to secure a mortgage, they're also concerned with their ability to keep their home," said Alan Bahr, director of product management for CUNA Mutual Group. "It is important that we help credit unions ensure members can maintain the security of their families' long-term financial health, including their home."