Educational Systems Federal Credit Union grows mortgage pipeline by 25 percent with HomeAdvantage real estate program
Turnkey home buying program from CU Realty Services provides members with a streamlined buying experience
SCOTTSDALE, AZ (February 7, 2017) — Maryland-based Educational Systems Federal Credit Union had a goal to provide a complete home buying experience for their members and streamline the process to close more mortgages. To make that happen, the $886 million credit union implemented HomeAdvantage®, a turnkey real estate program from CU Realty Services (CURS), the largest real estate CUSO in the U.S.
Within seven months of rolling out the program, Educational Systems FCU has achieved some exciting conversion metrics:
- More than 530 members enrolled in the program
- 398 identified themselves as buyers purchasing in 6 months or less
- 109 were referred to a HomeAdvantage agent
- 12 purchased a home
- 9 financed their mortgage with the credit union
Giving their members the resources to help navigate and simplify the home buying process was key. “It’s about providing value-added real estate services to our members to customize their home buying experience and to go well beyond offering competitive rates and products,” said Abe Palit, vice-president of marketing at Educational Systems FCU. “Our goal is to help our members throughout the home buying process, the duration of which can vary from a couple months to a couple years, depending on the member’s time table. The tools available through HomeAdvantage and the financing available through the credit union provide a clear path to homeownership.”
The HomeAdvantage program offers members a one-stop home buying experience. Members can visit the site to search for homes, set up property alerts, connect with qualified local real estate agents and earn HomeAdvantage Cash Rewards at closing, an average of $1,530 in savings per transaction.
While members have been enthusiastic about the one-on-one service they receive, the credit union has seen growth in their mortgage business due to a holistic and member-centric strategy. According to Palit, “Our mortgage pipeline experienced a 25 percent surge in volume after rolling out the HomeAdvantage program. This resulted in more mortgage loan originations that increased our pull-through rate, helping us meet our goals for the year.”
HomeAdvantage, formerly CU Realty Services, provides real estate services that helps credit unions increase their purchase mortgage business while saving their mHomeAdvantage provides real estate services that helps lenders build their purchase mortgage business while saving their borrowers money when they close on a home. The company’s end-to-end real estate program is currently used by more than 125 credit unions and mortgage CUSOs across the country. Borrowers can use the program to search for homes, research neighborhoods and property values, connect with one of over 850 real estate agents in the network and save money when they close on a home. When lenders offer the program, they can attract and nurture more home-buying members, resulting in more purchase mortgage loans (with an average of an 80% pull through rate) and giveback to borrowers in the form of Cash Rewards.embers money when they close on a home. The company’s end-to-end real estate program is currently used by more than 125 credit unions and mortgage CUSOs across the country. Credit union members can use the program to search for homes, research neighborhoods and property values, connect with one of over 850 real estate agents in the network and save money when they close on a home. When credit unions offer the program, they can attract and nurture more home-buying members, resulting in more purchase mortgage loans and giveback to members. Visit www.homeadvantage.com to learn more.
About Educational Systems FCU
Educational Systems FCU has proudly served the education community for over 60 years. With $886 million in assets and 12 branches, the Credit Union serves over 86,000 members in seven school systems and three community colleges throughout Anne Arundel, Calvert, Charles, Montgomery, Prince George’s, St. Mary’s and Talbot counties. To learn more visit www.esfcu.org.