CUMAnet Members Now Offer Unique 6/2 ARM Program

Basking Ridge, N.J., November 14, 2006 – The Credit Union Mortgage Alliance Network, CUMAnet (www.cumanet.com), has launched an innovative new mortgage product. Member credit unions can now offer their customers a 6/2 adjustable rate mortgage with a lower, fixed-interest rate for the first six years of the loan and a rate that only adjusts every two years thereafter.

"This is a very unique product, and one not offered by Fannie Mae or Freddie Mac," says Leo O'Donnell, assistant vice president, credit union relations. "Its competitive pricing, flexible terms and the fact that it only adjusts every other year, versus other products that adjust annually, make it an excellent mortgage product for many home buyers and for refinancing."

Since the 6/2 ARM adjusts every other year, it will reach its lifetime cap later than a shorter term ARM. It also gives the borrower a longer period of time between potential interest rate changes. The 6/2 ARM will never increase more than 5 percent above its start rate over the life of the loan, which is lower than the standard cap of 6 percent, and terms of 30 or 40 years are available.

The CUMAnet program requires private mortgage insurance (PMI) for loans above 90 percent of the property's value as opposed to the traditional 80 percent threshold. CUMAnet's Alliance member credit unions can offer this program as their own portfolio product or share the benefits with other Alliance members via their new Multi-Partner Mortgage Loan Participation Program.

For more information about this new product or 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.