Schools Financial Credit Union Chooses CU Realty Services to Grow Mortgage Business
First closing happens within 60 days of launching HomeAdvantage real estate program
Scottsdale, Ariz., March 31, 2016—Sacramento-based Schools Financial Credit Union realized a need to increase their purchase mortgage volume after rising interest rates hampered the refinancing side of their business. The $1.6 billion credit union found the solution in HomeAdvantage™, a turn-key real estate program from CU Realty Services, the largest real estate CUSO in the U.S. With HomeAdvantage at their side, Schools is pursuing a new goal: to become the ‘go to’ name, not just for refinancing but for mortgage lending.
Schools Financial partnered with CU Realty because of its reputation, proven results and turn-key service. When credit union members enroll in the HomeAdvantage program, they get a one-stop, home buying experience. They search for homes using the program’s online property listings, research neighborhoods, get connected to a local real estate agent and earn a Cash Reward at closing.
“We’ve found the HomeAdvantage program is particularly helpful for first time home buyers,” said David Menker, Schools Vice President of Real Estate Lending. “There’s a lot of personal attention. Loan officers and real estate agents help coach our members through the entire home process, from beginning to end.”
Sixty days after launch, Menker says they’ve completed five closings through the program. “I wasn’t expecting to have so much success in such a short amount of time. It’s very encouraging for us.” Within two months, more than 100 new members have registered and Menker says most are in the market to buy and do not have an agent or financing set up.
CU Realty Services’ President and CEO Mike Corn says a key component of success is connecting with members at the beginning of their search, “The HomeAdvantage program is a game changer. It greatly increases a credit union’s chance of getting to their home-buying members ahead of anyone else and earning their mortgage business.”
Schools Financial also believes it helps that members earn Cash Rewards at closing. The average Cash Reward is around $1,500 but can be more. “During our first closing, the members were very pleased. They used HomeAdvantage to both sell their existing home and buy a new one. As a result they got two Cash Rewards totalling just more than $4,500.” Menker said. “The Cash Rewards are a big hook for us and help get members into the program.”
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 home buyers find homes, research neighborhoods, calculate costs, connect to experienced real estate agents, and earn a Cash Reward. By offering this program to members, credit unions are able to achieve significant increases in their purchase mortgage business.
CU Realty Services partners with hundreds of credit unions and mortgage CUSO’s in 24 states. To learn how credit unions are becoming members First Point of Contact™, visit www.curealty.com.