HomeAdvantage Real Estate Agents Are Key to Helping Credit Unions Close More Mortgages

New data confirms: 78 percent of CU members using a HomeAdvantage-approved agent close their home loan with their credit union

SCOTTSDALE, Ariz., October 12, 2016—With more than one-third of home buyers choosing a mortgage lender based on their real estate agent’s recommendation, it is critical for credit unions that want to grow their purchase mortgage pipelines to develop strong relationships with local agents. HomeAdvantage,® a turnkey real estate program from CU Realty Services (the No. 1 real estate CUSO in the U.S.), connects CUs with trusted real estate agents and capitalizes on that influence.

“Agents are among the most important influencers when buyers select their lenders,” said Matt Sweetanos, director of mortgage services at University of Virginia Community Credit Union. “Through HomeAdvantage, we are able to introduce buyers to our partner agents. It allows us to demonstrate the great service we can provide to both the agents and the buyers.”

Recent data from CU Realty Services* confirms the effectiveness of a strategy that focuses on developing a real estate agent network. The HomeAdvantage program works by helping members buy and sell their homes through a network of more than 500 real estate agents who have been handpicked, vetted and trained. On average, HomeAdvantage network agents have 11 years experience in real estate and earn service level ratings of four to five stars (out of five stars) from the members they serve.

These professionals work closely with CU members to help them navigate their homeownership journey while keeping the credit union’s mortgage program top of mind. As a result, 78 percent of members who used a HomeAdvantage agent closed their loan with their credit union.

Typically, credit unions may close a small fraction of the loan applications they receive. But when a member uses HomeAdvantage, CUs see big changes because the agent and the credit union work as a team. “HomeAdvantage is helping us stay in front of our members before they choose another lender, ultimately saving our members money and time,” said Gary Prager, director of consumer sales with Space Coast Credit Union.

“Our program helps credit unions make strong connections with agents and gives them the opportunity to have more insight into the entire transaction process,” said Mike Corn, president/CEO of CU Realty Services. “Our reporting also gives them incredible insight from start to finish—including which members are considering a purchase, if they are pre-qualified, which agent they are using and where they will be obtaining their mortgage.”
For agents, HomeAdvantage is an attractive opportunity with well-qualified buyers. “As a REALTOR® with more than 30 years experience, I know the HomeAdvantage program attracts more buyers to credit unions and pairs them with agents who are experienced, honest and knowledgeable of their market,” said real estate agent Carol Trask. “I know many agents on the HomeAdvantage list, and their support of the credit union makes this a win-win for everyone.”*Source: CU Realty Services. Findings are from an analysis of home purchase and financing behaviors monitored within the HomeAdvantage program since 2011.

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 CUSOs in 24 states. To learn how credit unions are becoming members’ first point of contact, visit www.curealty.com.

CU Realty Services is now HomeAdvantage!