Lisa Mallow
MJB Public Relations Group, LLC
913.385.2232 or 866.714.7041
lisa@mjbpr.com
Having a real estate channel can increase purchase mortgage volume by 40 percent
Scottsdale, Ariz., Mar. 15, 2012 – CU Realty Services LLC says credit unions that reposition themselves to be the primary resource for buying or selling a home – not just a mortgage provider – can significantly increase their purchase-mortgage market share. To help them get started, the real estate services CUSO has released a white paper: “A Credit Union’s Guide to Increasing Purchase Mortgage Share Through Real Estate Services.”
“With home prices and interest rates at extremely low levels, credit unions are well-positioned to capitalize on these conditions,” said CU Realty Services Chief Executive Officer Mike Corn. “Yet, they continue to struggle to capture their share of the purchase mortgage market.”
The paper highlights the concept of “first point of contact” – a critical element in any real estate transaction. An overwhelming number of home buyers and sellers rely on their first point of contact, typically a Realtor®, for everything related to the transaction, and that includes securing the financing. This works against credit unions, because agents tend to direct clients to their preferred lenders. One way to overcome this disadvantage is to create a network of real estate agents who understand and service member needs while protecting credit unions’ mortgage interests. Doing so, credit unions can increase their mortgage volume by up to 40 percent, according to CU Realty Services.
The key, says Corn, is attracting member interest with both time- and money-saving opportunities, and supporting members’ basic real estate tasks such as online home searches and agent referrals.
“With these types of services, credit unions will increase the likelihood of becoming members’ first point of contact during the home buying or selling process. As a result, they will be able to significantly increase their purchase mortgage loan volumes,” said Corn.
The complimentary white paper is available at www.curealty.com/whitepapers.
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.