Credit unions on both coasts are celebrating saving their members more than $1 million when they buy and sell homes through the HomeAdvantage® program from CU Realty Services. Florida-based FAIRWINDS Credit Union and California-based Redwood Credit Union are the newest members of CU Realty Services’ Million Dollar Club. Twelve credit unions across the United States are part of this exclusive club, having reached the impressive threshold of returning more than $1 million in Cash Rewards to members.
“We’re very proud to welcome these new credit union partners into the Million Dollar Club and honor their dedication and exceptional work in helping members meet their homeownership goals,” said Mike Corn, CEO of CU Realty Services. “To date, more than $50 million in Cash Rewards has been given back to credit union members. Making homeownership more affordable is the heart of why CU Realty Services was created twenty years ago this year.”
The HomeAdvantage turnkey real estate marketing platform helps credit unions retain more of their members’ purchase mortgage business. The frontend offers tools that attract members at the beginning of their home-buying journey while the backend systems and personal touchpoints nurture them until they are ready to transact. When credit union members enroll in HomeAdvantage, they are connected with certified real estate agents who are vetted and trained to keep HomeAdvantage’s credit union partners top-of-mind for members. When members work with a HomeAdvantage agent, they earn an attractive cash-back benefit at closing called HomeAdvantage Cash Rewards. Credit unions experience significant increases in their average purchase mortgage pull-through rate as a result of loyal agent relationships combined with the HomeAdvantage nurturing protocols.
With over 370,000 members and $5.8 billion in assets, Redwood Credit Union is the 38th largest credit union in the United States. Redwood implemented the HomeAdvantage program in 2010, and its members earn an average Cash Reward of $2,900 per real estate transaction.
FAIRWINDS Credit Union, one of Florida’s largest credit unions with nearly 200,000 members and $3 billion in assets, implemented the HomeAdvantage program in July of 2013. In the last 12 months alone, FAIRWINDS has helped their home-buying and home-selling members save $136,000 in the form of HomeAdvantage Cash Rewards. On average, FAIRWINDS members earn $1,600 in Cash Rewards per transaction.
“The savings passed on to members through HomeAdvantage and FAIRWINDS is another avenue where we can help members work toward achieving financial freedom,” said Dan Felix, Assistant Vice President of Mortgage Lending/Mortgage Services at FAIRWINDS Credit Union. “In addition to the savings of Cash Rewards, we’ve established valuable relationships with HomeAdvantage agents who share our commitment to helping members save even more.”