CUMAnet Annual Conference Focuss on Growth & Key Industry Trends

Sharing of Best Practices Results in Excellent Annual Results & Innovative Products & Services

Basking Ridge, N.J, April 30, 2007 - Products and services targeting boomers, females, and older members, as well as programs designed to engage and retain younger members were among the key issues discussed at this year’s annual gathering of the Credit Union Mortgage Alliance Network's (CUMAnet) family of member credit unions.

"Despite numerous factors that affected the housing market and caused many lenders to downsize or shut down, our Alliance member credit unions had a terrific year resulting in collectively closing 4,500 home loans valued at $475 million in 2006!" said Dan von Schaumburg, CUMAnet president.

"We attribute our mutual successes to our ability to share our common goals within our Alliance and help each member credit union offer the best real estate lending products and services possible. By actively sharing our member credit union's input, we are able to develop innovations that are above and beyond what many other lenders offer," shared Jerry D'Ambrosio, chair of CUMAnet's board of directors.

Also at the event, the concept of a quarterly newsletter composed of credit union industry related articles submitted directly by CUMAnet's Alliance members was enthusiastically received by attendees.

"This newsletter is designed to build and continue the dynamic of shared experiences and ideas among our Alliance members throughout the year and will not be restricted to real estate related topics," said Mr. von Schaumburg.

Mr. von Schaumburg added that CUMAnet's Alliance members' input over the years has led to the creation of several exciting new services, which most recently include:

• The 5/5/Flex: A very unique hybrid of fixed home equity and an adjustable rate loan that offers consumers the best of both worlds and allows them greater control over their cash flow.
• The "Umbrella" Home Equity Line of Credit: This line of credit allows members to secure up to three fixed rate loans within the line, available either immediately after the HELOC closes or at anytime up to the end of the draw period (15 years). As the member pays back the principal on each fixed rate loan, those funds become available again through the original HELOC. The member need not re-apply for a new loan.
• A 6/2 ARM: This unique product offers members an adjustable rate mortgage with a lower, fixed-interest rate for the first six years of the loan and a rate that adjusts every two years thereafter.
• Bi-weekly payments for fixed mortgages
• 40 year ARM programs

Mr. von Schaumburg noted that CUMAnet's Multi-Partner Loan Participation Program leverages the power of the Alliance.

"This unique program, exclusive to CUMAnet's Alliance members, allows CUs to share resources while allowing Credit Union assets to stay within the CU community," he said. "We developed this exciting program to help our Alliance members participate in their own, customized, secondary market for mortgage loans rather than selling loans to brokers or banks who will then solicit their members for their own products and services."

Alliance members also discussed trends that would affect ongoing real estate product and service offerings. Among those CUMAnet is slated to roll out in 2007 are:

• Reverse Mortgages
• The "Forward Mortgage" Program (a cost effective alternative to Reverse mortgages)
• ARM loan programs with terms as long as 50 years

Mr. D'Ambrosio notes that, "While there are numerous local and regional peer networking groups within the industry, CUMAnet's Annual Alliance Conference offers one of the only national forums for CU management teams to share best practices, foster new strategies and network."

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 exclusively 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.