CU Realty Services celebrates year-over-year growth in 2017; delivers $5.82M in HomeAdvantage cash rewards
SCOTTSDALE, AZ (April 26, 2018) — CU Realty Services (CURS)—the largest real estate CUSO in the U.S.—is celebrating year-over-year growth for the seventh consecutive year. The continued upswing is attributed to the success of HomeAdvantage®, CURS’ turnkey real estate services program that helps CUs close more purchase mortgages. In 2017, credit unions that used HomeAdvantage saw mortgage pull-through rates of 80 percent or higher.
CU Realty’s 2017 success is reflected in these key milestones:
Facilitated almost 4,000 closings through HomeAdvantage, resulting in over $750 million in purchase mortgage loans
Delivered $5.82 million in HomeAdvantage Cash Rewards to home buying and selling members—a 6 percent increase over 2016. Almost $35.3 million in Cash Rewards have been cumulatively distributed during the program’s lifetime
Added 142 real estate agents to the HomeAdvantage network of approved agents
Signed 14 new credit union partners
Expanded into two new states: Missouri and New Jersey
Launched the HomeAdvantage Million Dollar Club
“Credit unions that use HomeAdvantage see a variety of member and CU-focused benefits,” said Mike Corn, president and CEO of CU Realty Services. “For members, HomeAdvantage makes the home buying process easy and our Cash Rewards make homeownership more affordable. For credit unions, HomeAdvantage provides a technology platform from which they can reach and engage more members, and close more purchase loans. It’s truly a win-win relationship!”
NEW CREDIT UNION PARTNERS
Fourteen credit unions, serving almost 1.4 million members, signed up with HomeAdvantage in 2017:
121 Financial Credit Union (Jacksonville, Florida)—49,300 members, $553 million in assets
Affinity Federal Credit Union (Basking Ridge, New Jersey)—150,000 members, $3 billion in assets
Anheuser Busch Employees’ Credit Union (St. Louis)—123,000 members, $1.7 billion in assets
Christian Community Credit Union (San Dimas, California)—31,400 members, $637 million in assets
Citadel Federal Credit Union (Exton, Pennsylvania)—190,000 members, more than $3 billion in assets
Credit Union 1 (Rantoul, Illinois)—102,000 members, $818 million in assets
EECU (Fort Worth, Texas)—180,000 members, more than $2 billion in assets
GTE (Tampa, Florida)—260,000 members, $1.98 billion in assets
Jax Federal Credit Union (Jacksonville, Florida)—35,000 members, $380 million in assets
Launch Federal Credit Union (Merritt Island, Florida)—65,000 members, $757 million in assets
Merck Sharp & Dohme Federal Credit Union (Chalfont, Pennsylvania)—28,500 members, more than $560 million in assets
Merrimack Valley Credit Union (Lawrence, Massachusetts)—47,000 members, $600 million in assets
Technology Credit Union (San Jose, California)—91,500 members, $2.4 billion in assets
Verity Credit Union (Seattle)—31,000 members, $500 million in assets
These 14 new credit union partners join hundreds of others throughout the U.S. that offer HomeAdvantage to their members. The program provides their home buying and selling members with access to the real estate tools and support they want during the earliest stages of their journey to homeownership. This includes property listings, recent sales data, neighborhood demographics and a network of reputable real estate agents.
When members use a real estate agent in the HomeAdvantage network, they qualify to earn HomeAdvantage Cash Rewards at closing—a cash-back benefit equal to 20 percent of the agent’s earned commission. In 2017, HomeAdvantage delivered $5.82 million in Cash Rewards averaging $1,570 in savings per transaction.
2017 CASH REWARDS
The 10 credit unions with the largest HomeAdvantage Cash Rewards payouts in 2017 saw combined member savings of almost $2.9 million. Those CUs and their total 2017 Cash Rewards are:
BCU (Vernon Hills, Illinois)—$683,444
Bank-Fund Staff Federal Credit Union (Washington)—$405,699
Northwest Federal Credit Union (Herndon, Virginia)—$324,694
Wings Financial Credit Union (Apple Valley, Minnesota)—$274,576
Apple Federal Credit Union (Fairfax, Virginia)—$259,727
Partners Federal Credit Union (Burbank, California)—$235,804
Wright-Patt Credit Union (Beavercreek, Ohio)—$221,277
Tower Federal Credit Union (Laurel, Maryland)—$220,763
Affinity Plus Federal Credit Union (St. Paul, Minnesota)—$191,515
Fairwinds Credit Union (Orlando, Florida.)—$178,009
MILLION DOLLAR CLUB RECOGNIZES LIFETIME CASH REWARDS
Year-over-year growth also prompted the launch of the CU Realty Million Dollar Club. Last year, eight credit unions were inducted into the club, which was created to recognize those CUs where HomeAdvantage has given back at least $1 million in Cash Rewards to its members. Those credit unions and their lifetime cash-back benefits are:
Northwest Federal Credit Union—$4.93 million
Bank-Fund Staff Federal Credit Union—$4.47 million
BCU—$2.3 million in Cash Rewards
Tower Federal Credit Union—$1.97 million
Wright-Patt Credit Union—$1.9 million
Apple Federal Credit Union—$1.67 million i
Affinity Plus Federal Credit Union—$1.47 million
State Department Federal Credit Union (Washington)—$1.3 million
About HomeAdvantage
HomeAdvantage provides real estate services that help lenders build their purchase mortgage business while saving borrowers money in the form of HomeAdvantage Cash Rewards when they close on a home. The company’s end-to-end real estate program is currently used by more than 100 credit unions and lending partners across the country. Borrowers can use the program to search for homes, research neighborhoods and property values, connect with one of over 1,300 real estate agents in the 48-state network and save money when they close on a home. Visit www.homeadvantage.com to learn more.
