With HomeAdvantage, Consumers Credit Union’s Mortgage Pipeline Expanded by More Than 100 Members in Less Than 60 Days
Scottsdale, Ariz. Feb. 10, 2016—Illinois-based Consumers Credit Union (CCU) has partnered with CU Realty Services to offer its members a one-stop home buying experience. The $883-million credit union was in search of a way to to boost growth in the mortgage business. The opportunity—available through CU Realty Services’ real estate program called HomeAdvantage™—gives members access to tools and support that will help them make informed home buying and selling decisions.
CCU selected the CU Realty Services program because of its turn-key service, which delivers savings through Cash Rewards at closing and includes a network of experienced real estate agents. These agents, who come from a variety of local brokerages, are handpicked by the credit union and then vetted, trained, managed and monitored by CU Realty.
CCU’s Director of Mortgage Lending, Gil Chavez says the program focuses on the member experience. “We’ve just launched HomeAdvantage and the interest has been substantial. Our members love the convenience of buying their home—from beginning to end—in one place while also receiving a sizeable Cash Reward at closing.”When credit union members enroll in HomeAdvantage they can search for homes using the program’s online property listings, research neighborhoods, get connected to a local real estate agent and earn a Cash Reward at closing. The average Cash Reward is $1,500. Participating members can also receive notices when a home in their desired area goes on the market.
The HomeAdvantage program benefits the credit union as well. In a little more than a month, CCU has identified and engaged with more than a hundred members who are ready to buy a home. Of CCU’s 102 new registrants, 83 are in the market for a new home while 70 are not yet pre-qualified.
“The marked response is more than I imagined and I’m pleasantly surprised,” Chavez says. “The biggest thing I value about this program is that we’re getting to these buyers early. Most of our new registrations don’t have an agent or financing set up. Reaching them early is critical to accomplishing our goal of growing our mortgage pipeline.”
CU Realty Services’ President and CEO Mike Corn agrees, “Connecting with members at the beginning of their search is a huge win in real estate,” he says. “Everyone wants to be that First Point of Contact™ and HomeAdvantage greatly increases a credit union’s chance of getting to their home-buying members ahead of anyone else and earning their mortgage business.”
Consumers Credit Union not only sees the HomeAdvantage program as a way to accomplish their goal of increasing their purchase market by 20 to 30 percent, they also see it as a solution to increase their footprint. According to Chavez, “While we’re based in Illinois, our membership base is not limited by geography. Since CU Realty Services and HomeAdvantage are in 24 states, it’s the perfect solution for how we’re trying to grow strategically. We should have joined with this program several years ago. Who knows where we’d be at this point if we worked with HomeAdvantage earlier. We’ve already seen results, and I can only imagine what the coming months will bring.”
About CU Realty Services, LLC
CU Realty Services provides real estate services to credit unions across the nation, helping them increase their purchase mortgage business. Launched in 2001, the CUSO has worked with more than 100 credit unions and thousands of their members. CU Realty’s range of web-based tools helps home buyers find homes, research neighborhoods, calculate costs, connect to experienced real estate agents, and earn a Cash Reward. By offering this program to members, credit unions are able to achieve significant increases in their purchase mortgage business.
CU Realty Services partners with hundreds of credit unions and mortgage CUSO’s in 24 states. To learn how credit unions are becoming members First Point of Contact™, visit www.curealty.com.
About Consumers Credit Union
Since 1930, Consumers Credit Union has been guided by the founding principles of long-term stability, dedication to providing the finest financial services and a committed investment in its members. An open-to-the-public, not-for-profit institution, Consumers is one of the largest credit unions in Illinois with more than 80,000 members and more than $900 million in assets. CCU membership is unique in that anyone can join regardless of where they live or work. Membership is not based on geography, employment or other criteria. For more information, visit www.myconsumers.org.