The alliance between CUNA Mutual and State National for CPI will be expanding to include a tracked real estate program as well.
Adding real estate tracking is a natural extension of the alliance program, which originally began with tracked auto. Both auto and real estate are collateralized loans, so the delivery of CPI programs is similar. There are some differences with real estate, such as the need to assess flood insurance coverage, and deal with escrow issues, but no one is better equipped to handle the tracking and management of CPI than State National.
The alliance between CUNA Mutual Group and State National Companies for CPI is designed to deliver the best service to credit unions and their members. Today, more than 250 credit unions entrust the protection of their auto loan portfolio to the tracked Collateral Protection Insurance (CPI) program offered through the alliance. Having both auto and real estate in the alliance program will give credit unions a single point of contact for all their collateral protection needs. The alliance expansion is taking place now and should be completed by the end of the year.