TwinStar Credit Union enjoys substantial increase in purchase volume after partnering with CU Realty Services
HomeAdvantage program boosts purchase mortgage business by nearly 56 percent
SCOTTSDALE, AZ (July 14, 2016) — TwinStar Credit Union, based in Olympia, Washington, had their sights set on increasing their purchase mortgage volume but had no idea how significant the increase would be. The more than $1 billion credit union turned to the HomeAdvantage™ program in December 2015 and has since experienced a 56 percent rise in their purchase mortgage business.
HomeAdvantage is a turn-key real estate program from CU Realty Services, which is the largest real estate CUSO in the U.S. TwinStar decided to join the program because CU Realty offered a solution to build and strengthen relationships with experienced real estate agents and, in turn, increase the CU’s purchase mortgage volume. “Agents are critical to our success,” said Racardo McLaughlin, AVP of mortgage origination at TwinStar. “While members get a substantial rebate at closing by going through the program, an even bigger benefit is the guidance from our preferred agents. Their professionalism, credentials and experience has been crucial to instilling confidence in our members. They know they are in good hands.”
CU Realty Services’ President and CEO Mike Corn says establishing the right relationships with the right real estate agents can transform a credit union’s mortgage business. “Our program works because we put members in the hands of professional agents who are committed to the credit union community. So, when agents connect with buyers, they help ensure that the member carries out their financing with the credit union.
The HomeAdvantage program offers members the opportunity to search for homes online, research neighborhoods, find a real estate agent and earn a rebate at closing. “By offering the program to members, credit unions are able to extend their reach and engage buyers much sooner in their home buying journey,” said Corn.
TwinStar saw strong success in just the first six months with more than 240 members enrolling in the program. Of these, 62 were buyers who had not yet been prequalified for a loan but were already planning to purchase within 180 days. Through HomeAdvantage, the credit union has already completed 14 closings, given more than $17,000 in rebates and generated 12 new loans through the pipeline. “We would likely have missed some of these buyers without HomeAdvantage,” said McLaughlin. “The program helped us connect with the buyers and enabled us to play a key role in their home buying journey.”
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 TwinStar Credit Union
TwinStar Credit Union was founded in 1937 by high school teachers who wanted to help educators weather the storms of the Great Depression. TwinStar has since grown to more than $1 billion in assets. TwinStar Credit Union services more than 100-thousand members and has 19 branches throughout Washington and Oregon. For more information, visit www.twinstarcu.com.