Postal CU Looks to Grow Purchase Mortgages Through Real Estate Services
Partnership with CU Realty Services to benefit members, increase loan volumes
SCOTTSDALE, AZ and WOODBURY, MN (March 25, 2013) – Like most of the United States, Minnesota is seeing home prices start to climb as the housing market gains traction. To be ready, Postal Credit Union began searching for a way to extend its home loan services and capture more of its members’ purchase mortgage business. The answer came at an American Credit Union Mortgage Association (ACUMA) conference, where the Credit Union first learned about CU Realty Services. The CUSO’s turnkey program not only offered the tools members need to navigate the housing market, but also help Postal CU grow its first mortgage portfolio.
“We spoke to colleagues, other credit unions that had partnered with CU Realty Services, and they were very happy with their relationships,” said Robin Grimes, the Credit Union’s Vice President of Mortgage/Business Services. “CU Realty is credit union-focused and understands we want to provide value to our members. We see this as a natural evolution of our mortgage program.”
The $539 million, Woodbury, Minn.-based Credit Union has offered mortgage loans since 2001. With the new partnership, Postal CU members will be able to save hundreds to thousands of dollars at closing. On average, members of credit unions affiliated with CU Realty Services earn $1,499 in savings – which can be applied towards closing costs or Realtor commissions, or taken as cash. Further, they will be able to research neighborhoods, estimate monthly payments and find qualified real estate agents right from the Credit Union’s website.
Credit unions that offer CU Realty’s program are able to expand beyond just offering mortgages to their members, and instead support their entire real estate transaction, from start to finish. This “soup-to-nuts” approach helps positions the credit union as the “First Point of Contact™” for members buying or selling a home.
“Our partner credit unions have seen significant increases in their purchase mortgage business because members can get the information they need right from their credit union’s website and they work with a qualified real estate agent from our network in their local area,” said Mike Corn, CU Realty Service’s President and CEO. “Not only does the credit union benefit from keeping more of the loan business, but it also forms stronger ties with members.”
The new program went live on March 11. To prepare for the launch, Postal CU made changes to its website to promote the real estate program, sent out an electronic newsletter with links to specific website pages, and provided training to staff through CU Realty Services.
“We’re excited to offer these services to our members,” said Grimes. “The training session encouraged our staff to learn more about the available tools and the importance of becoming our members’ initial contact. And, in addition to the local Realtors already in the CU Realty network, some of the agents we’ve worked with before have qualified to join the network, too.”
For more information about the CU Realty Services program, 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, or visit www.curealty.com.
About Postal Credit Union
Founded in 1926 to serve postal employees in St. Paul, Minnesota, Postal Credit Union is the eighth largest credit union in Minnesota. With five branch locations and more than 45,000 members, Postal CU takes pride in providing its members with financial solutions they can trust as well as excellent member service. For more information, please visit www.postalcu.org.