SCOTTSDALE, AZ (March 12, 2014) -- CU Realty Services announced it has paid a total of $2.85 million in rebates to credit union members who used the real estate CUSO’s HomeAdvantage™ program to buy or sell a home in 2013. The average rebate amounted to $1,545 per member.
Two Metro DC credit union partners delivered the most in rebate savings in 2013: Bank-Fund Staff Federal Credit Union and Northwest Federal Credit Union. Each returned more than $460,000 to their members taking part in the program. The top 10 credit unions’ rebate totals for last year include the following:
- Bank-Fund Staff Federal Credit Union (Washington, D.C.): $465,161.45
- Northwest Federal Credit Union (Herndon, Va.): $462,679.68
- Wright-Patt Credit Union (Fairborn, Ohio): $199,469.87
- Apple Federal Credit Union (Fairfax, Va.): $198,337.24
- Tower Federal Credit Union (Annapolis Junction, Md.) : $170,059.41
- Baxter Credit Union (Vernon Hills, Ill.): $156,523.00
- State Department FCU (Alexandria, Va.): $120,177.59
- Affinity Plus Federal Credit Union (St. Paul, Minn.): $111,947.44
- Redwood Credit Union (Santa Rosa, Calif.): $85,084.67
- Partners Federal Credit Union (Burbank, Calif.): $77,647.25
HomeAdvantage is available to members through participating credit unions who partner with CU Realty Services. The program enables credit unions to grow purchase mortgage volumes while providing members with assistance in buying or selling a home. This includes turnkey tools for researching houses and neighborhoods; a network of qualified, screened Realtors®; and considerable savings to the member at closing via a rebate.
Further, in a sign that more credit unions are working to build their purchase mortgage volumes – and to become a valuable member resource when buying or selling a home – CU Realty Services is reporting unprecedented growth.
In 2013, CU Realty saw 20 new credit unions implement its HomeAdvantage program, representing a 360 percent increase over 2012. And in the first few weeks of 2014, the CUSO has already added eight new credit unions to its ranks. To support this growth, CU Realty recruited, trained and added 162 new Realtors into its network of preferred agents, and added seven new employees in marketing, member services, sales, and account management departments.
CU Realty Services’ president/CEO, Mike Corn, says the firm is off to a strong start in 2014, thanks to an improving economy and the real estate program’s popularity.
“The housing market is signaling a rebound, with more home buyers and sellers jumping back in,” said Corn. “As the competition heats up, CU Realty is here to help credit unions connect with these buyers and sellers right from the start, as their First Point of Contact, long before they need a mortgage. As a result, we’re seeing a large number of members start their search with their credit union, and stay for financing.”
According to Janet Corrigan, Director of Lending at of Bank-Fund Staff Federal Credit Union, the value of the CU Realty program is its wide range of services. “It offers our members everything they might need during their home-buying process,” said Corrigan. “By connecting with members early on, and assisting them along each step, we are doing more than growing mortgage volumes. We are strengthening relationships.”
John Ritchey, Director of Lending at Apple Federal Credit Union, agrees. “The realty program is based on building relationships – with members, with real estate agents. Even more, it benefits everyone – a true win-win-win.”
Corn says he expects credit unions’ shift toward purchase mortgages to continue throughout the new year.
“We’ve started 2014 with momentum carried over from last year. The market is improving, and CU Realty Services anticipates another great year for credit unions and the growth of their mortgage portfolios.”
Interested credit unions, home buyers, home sellers and real estate agents can learn more by visiting www.curealty.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, email tina@curealty.com or visit www.curealty.com.