As Refinancing Gives Way to Purchase Activities, CU/America Teams With CU Realty Services to Meet Members’ Shifting Mortgage Needs
LOMBARD, IL and SCOTTSDALE, AZ (June 10, 2013) CU/America Financial Services, a full-service mortgage CUSO based in Illinois, and CU Realty Services, an Arizona-based CUSO that helps credit unions increase their purchase mortgage business, are announcing a new partnership. Starting in July, CU/America, which is owned by eight Illinois credit unions, will offer CU Realty’s comprehensive real estate program to credit unions throughout the state.
“In the past, refinancing accounted for about 70 percent of our mortgage activity, but now it’s about a 50-50 split,” said Jerry Haley, CU/America President/CEO. “With the shift toward purchase mortgages, rather than refinancing, we see a great opportunity to help Illinois credit unions provide a significant benefit to their members. I believe CU Realty’s program will help us achieve that.”
Haley says CU Realty Services came highly recommended and, as a fellow CUSO, aligns well with CU/America’s belief in serving credit unions from within the credit union community.
“The more I learned about the CU Realty program, the more it made sense for our organizations to work together,” said Haley. “It helps credit unions build stronger purchase mortgage programs by providing the tools their members need to buy or sell a home from start to finish. Combining CU Realty’s services with ours should create a seamless experience for the member. Now, our client credit unions can help their members in every aspect of the process, from finding a home to financing one.”
CU/America plans to actively promote CU Realty Services and its benefits to the 25-plus credit unions it currently serves, as well as others across the state.
According to CU Realty’ President/CEO Mike Corn, their program assists credit union members with all aspects of the home buying and selling process. It allows them to search through MLS listings, research neighborhoods, find capable Realtors®, and save money at closing. And these tools work to credit unions’ benefit, as well, capturing the attention and interaction of their members earlier in the home-buyer lifecycle.
“Not only will members find helpful tools and information at their fingertips, they can save an average of $1,500 in the form of cash or discounts through an arrangement with our network of pre-qualified Realtors,” Corn said. “Also, credit unions benefit as more members are added to their mortgage pipelines.”
Before going live, CU/America will host a July 10 seminar for interested credit unions in the Illinois area, targeting CEOs, mortgage loan managers and marketing officers.
“The seminar will help credit unions understand the CU Realty program, see how simple it is to implement and learn how other credit unions have seen success by using it,” said Haley. “For today’s credit unions looking to grow their purchase mortgages in the wake of slowing refinance business, this can be a smart option. Together, CU/America and CU Realty can help credit unions grow their mortgage portfolios while providing a superior service to their members that can also save them money.”
About CU/America Financial Services
Founded in 1994, CU/America Financial Services is a full-service mortgage CUSO, created to help credit unions meet their members’ mortgage needs by making it simple to find the perfect loan. Based in suburban Chicago, CU/America is owned by eight Illinois credit unions and provides services to many more throughout the state. Staffed by licensed mortgage professionals, the CUSO has closed nearly $1 billion of residential first mortgages since its inception. For more information, call (800) 351-0449 or visit www.cuamerica.com.
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 rebate. By offering this program to members, credit unions are able to achieve significant increases in their purchase mortgage business. For more information, call Tina Powers, (800) 203-9014, ext. 104, or visit www.curealty.com.