CUMAnet Responds to Consumer Credit Crisis with Loan Check-Up Service

Basking Ridge, N.J., January 11, 2008 – In response to the growing confusion and concern among credit union membership regarding the health of their mortgages and credit overall, CUMAnet has launched a "Loan Health Check-Up" service for all member credit unions.

This free service provides credit unions with a unique solution that gives their members peace of mind and takes the load off smaller loan departments. Via the program, members can speak to an unbiased Home Finance Consultant who will help them determine the strength and health of their existing or prospective debts – no matter who the lender is.

A Home Finance Consultant will:

• Review and compare their entire debt situation to ensure the member is getting the best rates and terms available.
• Ensure that the member is fully aware of all terms and conditions their debts include and counsel them on possible ways to improve their debt situation if needed.
• Help the member find new ways to save
• Answer any questions or concerns about a loan

According to Daniel von Schaumburg, president of CUMAnet, "We believe our organization is one of the few credit union service organizations taking a proactive, positive approach to helping credit unions and their members sort through today's complicated credit environment."

Eastern New York Federal Credit Union (www.enyfcu.org) was one of the first CUMAnet member CUs to take advantage of the new program. Founded in 1961, ENYFCU has approximately 6,000 members and $35 million in assets. CEO Chris Langley launched the program last month in response to ongoing member queries and supported it with local radio advertising and statement stuffers.

"We've had a tremendous response to the program," notes Langley. "It's a ready made solution to calls we've already been fielding, and CUMAnet's support takes the load off our busy loan department. The program is helping to alleviate member concerns about their existing credit obligations and it opens a dialog to offer them other products and services."

Joan Moran, CEO of the Department of Labor FCU (www.dolfcu.org) in Washington, D.C. agreed, saying, "CUMAnet did a fabulous presentation to our members and loan officers at a lunchtime meeting in our conference room. It was one of the best programs we've done this year!"

Moran plans to offer the event again in March at two different locations, and aggressively market it to members. "We presented it to members as an opportunity to learn more about credit and mortgages in general and invited them to bring in their existing documentation and get a better understanding of their existing mortgages. We also had several couples attend who were getting ready to buy and were about to get their first mortgage and wanted to understand the terminology, etc."

In fact, CUMAnet also gave members who attended the event a glossary of loan/mortgage terms and a Home Buying Tips Guide as a take away to the event.

"CUMAnet provides a wonderful turn-key program that was easy for our members to understand, and we were thrilled with the outcome; the feedback from our members was extremely positive!" said Moran.

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 13 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.