CUNA Mutual Group, a Madison, Wis., provider of insurance and other services to credit unions, has rolled out what it believes to be that industry's first insurance against losses from fraudulent documentation provided for mortgages.
The fraudulent mortgage loan documentation coverage will apply to material misrepresentations, through alterations by the borrowers, on certain residential mortgage lending documents used by credit unions to make lending decisions. These include verifications of income and employment, offers to purchase and/or appraisal reports.
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