CUMAnet Offers New Mortgage Options for Credit Unions and Home Buyers

Basking Ridge, N.J., October 10, 2006 – The Credit Union Mortgage Alliance Network, CUMAnet (www.cumanet.com), has launched a Multi-Partner Loan Participation Program that benefits member credit unions [CUs] with new options for originating home loans and serving the home financing needs of their members.

This new program pools the financial resources within the alliance and allows member CUs to access financial resources that stay within the credit union community rather than being sold off to banks or mortgage companies.

This means that individual CU liquidity will not be a factor in providing real estate loans to members. Moreover, credit unions that traditionally have a low percentage of borrowing members can now meet their Asset Liability Management goals by adding to their credit union’s home loan portfolio.

Featuring competitive interest rates and flexible underwriting requirements, these adjustable rate mortgage loans are available in 15-, 30-, and 40-year terms, with financing of up to 100 percent of the property value available to qualified buyers. Refinance options with “cash-out” equity extractions will be available for loans with loan-to-value ratios higher than the industry standard 70 percent, including up to 95 percent cash-out on a primary home.

CUMAnet has also introduced an innovative 6/2 ARM program that has proven to be exceptionally popular among member CUs. Private Mortgage Insurance is required on all loan amounts above 80 percent of the property value.

"The combined resources of our participating credit unions allows us to offer a greater array of services and products to meet the needs of our members," said Daniel von Schaumburg, president of CUMAnet. "This is something that our member credit unions said that they wanted, so we responded with a dynamic and beneficial solution."

This ongoing evaluation of member needs continues to drive CUMAnet's success in developing new and improved services. For more information about CUMAnet, visit www.cumanet.com.

About CUMAnet
CUMAnet is a 100% credit union-owned, full-service, real estate organization, providing residential mortgage and home equity loan products and related services to credit unions nationwide for 11 years. With its transparent service, CUMAnet allows credit unions the ability to offer members the real estate products and pricing needed to compete in today's financial marketplace, plus the personal, superior service expected in the credit union industry.