Credit unions take advantage of buyer confidence and the improving housing market
PHOENIX, AZ (June 4, 2013) CU Realty Services has signed two new credit unions onto its real estate services program: CFE Federal Credit Union and MECU. The credit unions are working with the CUSO to build relationships with knowledgeable local agents, as well as to provide their members the convenience of one-stop shopping for real estate services.
CU Realty’s CEO Mike Corn says the improving housing market and growing name recognition have helped the CUSO grow its business.
“This is a good time for us, with four new client credit unions just in the first quarter of 2013,” he said. “Experts are expecting an increase in purchase mortgages this year, which is expected to help the U.S. economic recovery.”
Citing a May homebuyer and agent sentiment survey conducted by NRT LLC, parent of Coldwell Banker Residential Brokerage, Corn noted that 61 percent of buyers have a growing sense of optimism about improving prices. Further, Fannie Mae’s Economic & Strategic Research Group predicted on May 20 that the second half of 2013 will be stronger than the first half as the labor market regains traction, and both the financial and housing markets improve.
MECU and CFE are among a growing number of credit unions taking advantage of the better market conditions.
“After analyzing the situation, we realized we were missing the boat on purchase mortgages by not being a full-service provider,” said Josh Ward, Manager of Real Estate Lending at MECU. “We saw that we could provide more services and thus more value to our members.”
The $872 million, Schaumburg, Ill.-based Credit Union selected CU Realty Services after seeking feedback from other CU Realty clients. “We liked what we heard,” said Ward. “The program seemed like a good fit for us.”
CFE also wanted to grow its first mortgages, and CU Realty Service’s brand image was the draw, according to Miriam Mitchell, Director of Real Estate Lending at the $1.4 billion Lake Mary, Fla. Credit Union.
“CU Realty has a great reputation for providing stellar service to members,” said Mitchell. “We feel this partnership will strengthen our relationships with local Realtors® and provide a valuable service to our members.”
Corn says the CU Realty program provides comprehensive real estate services to credit unions across the nation. Members can search for homes, research neighborhoods, find a qualified agent, and earn a rebate.
“Our goal is to help credit unions increase their purchase-mortgage business by maximizing online resources,” he said. “We designed our service to position credit unions as members’ First Point of Contact® when they buy or sell a home – a distinct advantage over other lenders.”
CU Realty Services offers access to a pre-approved network of local Realtors and a popular rebate for members of participating credit unions. In 2012, credit union members who bought or sold homes through the program collectively saved more than $2 million.
“Giving your members access to real estate services right from the credit union’s website allows you to reach them before they are ready to make a move,” said CU Realty’s Corn. “Not only does this deepen credit unions’ relationship with their members, it keeps these members in the lead channel. As a result, participants have seen sizable increases in their purchase mortgage business.”
MECU went live with the real estate program April 29, and have already had more than 120 members register to use the program. CFE’s program launched on May 20.
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.