Schools Financial Credit Union chooses CU Realty Services to grow mortgage business
First closing happens within 60 days of launching HomeAdvantage real estate program
SCOTTSDALE, AZ (March 31, 2016) — Sacramento-based Schools Financial Credit Union realized a need to increase their purchase mortgage volume after rising interest rates hampered the refinancing side of their business. The $1.6 billion credit union found the solution in HomeAdvantage™, a turn-key real estate program from CU Realty Services, the largest real estate CUSO in the U.S. With HomeAdvantage at their side, Schools is pursuing a new goal: to become the ‘go to’ name, not just for refinancing but for mortgage lending.
Schools Financial partnered with CU Realty because of its reputation, proven results and turn-key service. When credit union members enroll in the HomeAdvantage program, they get a one-stop, home buying experience. They search for homes using the program’s online property listings, research neighborhoods, get connected to a local real estate agent and earn a rebate at closing.
“We’ve found the HomeAdvantage program is particularly helpful for first time home buyers,” said David Menker, Schools Vice President of Real Estate Lending. “There’s a lot of personal attention. Loan officers and real estate agents help coach our members through the entire home process, from beginning to end.”
Sixty days after launch, Menker says they’ve completed five closings through the program. “I wasn’t expecting to have so much success in such a short amount of time. It’s very encouraging for us.” Within two months, more than 100 new members have registered and Menker says most are in the market to buy and do not have an agent or financing set up.
CU Realty Services’ President and CEO Mike Corn says a key component of success is connecting with members at the beginning of their search, “The HomeAdvantage program is a game changer. It greatly increases a credit union’s chance of getting to their home-buying members ahead of anyone else and earning their mortgage business.”
Schools Financial also believes it helps that members earn rebates at closing. The average rebate is around $1,500 but can be more. “During our first closing, the members were very pleased. They used HomeAdvantage to both sell their existing home and buy a new one. As a result they got two rebates totalling just more than $4,500.” Menker said. “The rebates are a big hook for us and help get members into the program.”
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.