Engaging home buyers before they look for a mortgage pays off for credit unions
Scottsdale, Ariz. Nov. 25, 2015 – CU Realty Services has swelled its client rolls by five credit unions this year through mid-October, adding: Space Coast Credit Union ($3.5 billion, Melbourne, Fla.); Star One Credit Union ($7.8 billion, Sunnyvale, Calif.); USE Credit Union ($816 million, San Diego, Calif.;) University of VA Credit Union ($715 million, Charlottesville, Va.) and Wings Financial Credit Union($4.2 billion, Apple Valley, Minn.).
The growing trend of credit unions choosing CU Realty Services is due in large part to the CUSO’s HomeAdvantage program, which provides credit union members with tools and support to help them make informed decisions while saving money when buying or selling a home. Further, CU Realty encourages credit unions to become their members’ advocate throughout the buying process, rather than just their lender when it’s time to apply for a home loan. That message is beginning to resonate within the credit union community.
“Buyers and sellers need information on homes, prices, types of mortgages and other aspects of navigating the real estate process, and credit unions are known for superior service and financial education, so it’s a good fit,” Corn said. “Offering assistance from the beginning of the buying process positions the credit union as a trusted advisor, making it more likely members will turn to it when they are ready for a mortgage.”
Corn says a key advantage for both credit unions and their members is the deeper relationships they develop. “Serving as a real estate advocate can strengthen a credit union’s ties with its members,” he said. “And members have the peace of mind that they are making good choices.”
The results speak for themselves: Credit unions offering HomeAdvantage earn the mortgage loans of members participating in the program up to 80 percent of the time. And those members using an agent in the HomeAdvantage program earn a Cash Reward that saves them an average of $1,500 per transaction.
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 homebuyers 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 CUSOs in 23 states. To learn more, visit www.curealty.com.