Margaret Blankers, MJB Public Relations Group
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margaret@mjbpr.com
Strategy includes launching real estate program to boost purchase mortgage volumes
Scottsdale, Ariz. and Biddeford, Maine (Sept. 19, 2012) – Recognizing that their members’ growing interest in refinancing their homes is a trend that can’t last forever, Ocean Communities Federal Credit Union has a new strategic partner to help keep mortgage volumes strong: CU Realty Services.
OCFCU is expanding its mortgage program to include CU Realty’s comprehensive real estate services to help members with their entire home buying or selling transaction – instead of just to obtain a loan. Members can now access a range of web-based tools right from OCFCU’s website. From the site, they can find homes, research neighborhoods, calculate costs, connect with experienced real estate agents, and save hundreds to thousands of dollars at closing.
“Loan volume is important to a credit union’s success,” said Judy Morin, CEO of the $141 million OCFCU. “The current abundance of mortgage-refinancing business is going to slow down and, at that point, purchase transactions will need to grow. Our association with CU Realty Services is a beneficial liaison that provides leads to Realtors®, purchase mortgage business for us and savings for our members.”
The CU Realty Services program is designed to position a credit union as the first point of contact in the home buying and selling process, resulting in a larger share of the mortgage-lending business. Members of participating credit unions have access to a network of approved Realtors®, with agents offering discounts on their commissions, resulting in lower closing costs for members.
OCFCU launched the program using member brochures, lobby posters, electronic sign messages in front of the branches, and website banners linking to program details. Before going live last month, the Credit Union conducted CU Realty-led training sessions for all employees.
Morin reports that the program is becoming popular among members, with several enrolling already and many others seeking additional information.
“Our goal is to be the primary financial institution for our members,” said Morin. “Working with CU Realty is one more way we can provide members the information and services they need when making financial transactions.”
According to Mike Corn, CEO of CU Realty Services, credit unions are always looking for ways to be of service to their members. “Offering a package that contains knowledgeable agents, online research methods, and significant savings along with their mortgage loan processing will allow credit unions like Ocean Communities to be involved from the start of the home buying process,” he said.
Corn says credit unions that participate in the program report significant increases in their purchase mortgage business – some by as much as 40 percent. The CUSO currently works with more than 100 credit unions and thousands of their members. OCFCU is the first partnership in Maine for CU Realty Services. The firm has acquired a Maine real estate brokerage license and joined the MLS, as well as the Maine Association of Realtors – opening opportunities for additional credit unions in the state to easily join the program.
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 company 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 and connect to experienced real estate agents. For more information, call Tina Powers, (800) 203-9014, ext. 104, or visit www.curealty.com.
About Ocean Communities Federal Credit Union
Ocean Communities Federal Credit Union, headquartered in Biddeford, Maine, was founded in 1948 as the St. Andre's Federal Credit Union. Today, it is one of the ten largest in the state with six branches and almost 12,000 members. Their success has come from providing competitive products and services along with first-rate member care and a strong commitment to their communities. For more information, please visit www.oceancommunities.com.