SCOTTSDALE, AZ (May 19, 2014) -- CU Realty Services, the leader in credit union real estate services, is growing in one of the nation’s recession-affected markets on the mend: Southern California.
The CUSO’s turn-key real estate program, called HomeAdvantageTM, helps members find properties and preferred Realtors, as well as earn a rebate. Credit Unions that offer the program are able to attract more home buyers into their mortgage pipeline much earlier in the process and see increases in purchase money lending up to 40 percent.
Among CU Realty Services’ newest clients are American First Credit Union in La Habra, CA with $504 million in assets; Financial Partners Credit Union in Burbank with $1.2 billion in assets; NuVision Federal Credit Union in Huntington Beach with $1.3 billion in assets; and Community Mortgage Funding (CMF) in Pomona, a licensed mortgage banking CUSO, serving 19 Credit Union clients, and owned by SCE Federal Credit Union in Irwindale with $600 million in assets, and Farmers Insurance Group Federal Credit Union in Los Angeles with $630 million in assets.
“HomeAdvantage describes exactly what this program is: a tremendous asset that benefits our members,” said Michael Welch, Vice President of Lending at American First Credit Union. “We want to make the process of buying a home informative and personal for our members. HomeAdvantage does just that.”
The comprehensive program benefits everyone involved. Members can explore current property listings, research communities and neighborhoods, receive alerts when new homes are available, and find experienced, pre-approved Realtors – all from the credit union’s website. In addition, when a pre-approved Realtor is used to buy or sell a property, the member earns a rebate at closing equal to 20 percent of the agent’s commission. Credit unions strategically use the program to expand beyond the simple role of lender, moving instead into a full-service real estate advocate for their members. CU Realty’s research shows that when members rely on their credit union for help in this way, they are more likely to stay for financing.
Since launching HomeAdvantage, American First has registered 68 members in the program – 31 of whom are ready to buy a home within the next six months. “Many of our members expect to buy within six months, giving us the opportunity to help prepare them with the right loan,” said Welch.
According to the California Association of Realtors®, all six counties in the southern California region have seen positive, year-to-year, double-digit growth – greater than 9 percent in March 2013 – in the median sold price of existing, single-family homes. And the median number of days a home stays on the market is 35. While home sales have been lackluster of late, the local economy continues to improve driving many back in the market. And activity should increase as the spring/summer home-buying season gets underway.
“With low inventory, plenty of buyers, and home prices on the rise, it’s more important than ever that CMF and the credit unions we serve are positioned as the first point of contact for members’ home search and financing needs,” said Andrea Blais, CEO of CMF. “Credit union members love the fact that they can search for homes within the desired price range, see the demographics of specific neighborhoods, receive alerts when new listings are posted – and do all of this 24/7 in the comfort of their own homes.”
CU Realty currently works with credit unions in 21 states. In 2013, it paid a total of $2.85 million in rebates to credit union members using the HomeAdvantage program; members’ average rebate was $1,545. Among other CU Realty credit unions offering the program in the Southern California market are Los Angeles Police Federal Credit Union, Partners Federal Credit Union, First Entertainment Credit Union and Los Angeles Federal Credit Union.
“With the Southern California real estate market gaining momentum, as well as other regions across the country, the timing is right for credit unions to consider HomeAdvantage,” said Mike Corn, CU Realty CEO. “It helps members find the right home and connect to their credit union to find the right financing. Everybody wins.”
To learn more, visit 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.