VAN NUYS, CA and PHOENIX, AZ (August 19, 2013) -- Los Angeles Police Federal Credit Union’s new partnership with CU Realty Services to grow purchase mortgages is getting positive results: In its first month, 103 LAPFCU members registered for the program and four transactions are in process.
“Increasing interest rates and a decrease in refinance business have created a perfect storm for growing purchase mortgages,” said Manny Padilla, Jr., Vice President of Marketing at LAPFCU. “We were looking for a resource to help draw in more purchase business, and CU Realty had the robust tools, support and experience to get this done. They also did a fantastic job of onboarding us onto the program.”
Working with CU Realty Services, LAPFCU has branded the program Home Advantage, which allows members to search for homes, research neighborhoods, find a qualified agent, and earn a rebate at closing. The Credit Union is promoting the program as members’ one-stop resource for home buying.
“One of the most important aspects of the Home Advantage Program is that it allows us to further advocate for our members,” explained Ron Guzman, Vice President of Loan Services at LAPFCU. “As part of our mission, we are always looking to develop internal and external programs that will assist members in achieving their financial goals. Home Advantage is a great example of this.”
CU Realty Services follows the nation’s home-buying trends and research, which shows the majority of today’s buyers go online to start their home search. Its program connects credit unions with potential home buyers early in the process, increasing the chance to secure the loan.
“We know the entity homebuyers connect with first during their online search is the one most likely to steer them through the buying process – including financing,” said Mike Corn, CU Realty’s CEO. “By making an early connection, credit unions can actively help members find their homes – and finance them.”
According to Padilla, the CU Realty program is a key part of growing LAPFCU’s mortgage business. Marketing efforts include targeted mailings, webinars, email campaigns, Realtor on Duty days in branches, newsletter articles and website promotions.
“Our goal is, if there’s a purchase loan to be made, we want members to think of us first,” he said.
“Growing the mortgage business is definitely important to us, as these are the most profitable loans you can make,” Padilla continued. “A single home loan can equal seven auto loans, and it builds longer-term member relationships. Given California’s current market conditions – the short supply of homes, multiple price offers, and significant increases in prices – the time to focus on purchase mortgages is now.”
To learn more about LAPFCU’s Home Advantage program, visit www.lapfcu.org/home/membership/home_rebate_program. For more information about CU Realty Services, 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.
About Los Angeles Police Federal Credit Union
Los Angeles Police Federal Credit Union (LAPFCU) was founded in 1936 and is based in Van Nuys, California. It serves the financial needs of the sworn and civilian employees of Los Angeles City Police, their families and select police-related groups. The Credit Union, with assets of $777 million, currently serves 42,000 members through an expansive roster of savings and loans products and services. For more information, call Manny Padilla, Jr., (818) 779-3311 or visit www.lapfcu.org.