CU Realty Services program helps Charlottesville credit union connect with real estate agents
Scottsdale, Ariz. Sept. 28, 2015 – With the refinance boom fading and home buying picking up, the University of Virginia Community Credit Union has turned to HomeAdvantage™, a program developed by CU Realty Services to help credit unions enhance the mortgage services it offers its members. “When interest rates were low and home-buying at a standstill, we naturally focused our resources on refinancing,” says Matt Sweetanos, operations manager for Member Options, the credit union’s mortgage division. “While we were very successful, the consequence was that we neglected our purchase mortgage business. HomeAdvantage is helping us get back on track.”
When members enroll in HomeAdvantage, they can search for homes using the program’s online property listings, research neighborhood characteristics, get a referral to an experienced local real estate agent, and earn a Cash Reward that can be used to reduce closing costs. The average member saves $1,500 per transaction. For financial institutions like UVA Community Credit Union that exist to serve its members, this is a valuable service.
But HomeAdvantage also benefits the credit union, itself. “From our point of view, an important element of HomeAdvantage is that it positions us as a source of authoritative information for members from the very start of the home-buying process,” Sweetanos says. “And it offers a series of services that encourage members who participate in the program to select us for their mortgages.”
CU Realty Services’ President/CEO Mike Corn agrees. “Connecting with members at the beginning of their search is credit unions’ sweet spot,” he says. “Not only does HomeAdvantage enable them to deliver on a core principle of member service, but it greatly increases their chance of earning the member’s mortgage business.”
Sweetanos sees HomeAdvantage as a critical component in the credit union’s strategy to close at least 20 percent more purchase mortgages this year.
HomeAdvantage also provides a framework for credit unions to strengthen their ties with some of the most productive local real estate agents. “Agents are among the most important influencers when buyers select their lenders,” Sweetanos says. “Through HomeAdvantage, we are able to introduce buyers to our partner agents, allows us to demonstrate what great service we can provide to both the agents and the buyers.” It’s a win for our members, for local agents, and for the credit union.”
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 22 states. To learn how credit unions are becoming members’ first point of contact™, visit www.curealty.com.
About UVA Community Credit Union
UVA Community Credit Union is a not-for-profit, member-owned cooperative that provides a wide range of convenient and professionally managed financial services to its more than 65,000 members. Membership is open to those who live, work, or own a business headquartered in Charlottesville, Albemarle, Fluvanna, Greene, Louisa, Madison, Nelson, or Orange. More information is available at www.uvacreditunion.org.