Five credit unions have partnered with CU Realty Services to offer a program designed to help the financial institutions attract home-buying members and close more purchase loans.
In partnering with CU Realty Services, the five institutions teamed with the largest real estate CUSO in the country, with more than 120 credit union partners across 24 states.
The five credit unions partnered with the organization to offer the HomeAdvantage program, a platform that provides members with access to a search portal for real estate listings, along with neighborhood research tools and a network of real estate agents.
For credit unions, CU Realty said the program has been proven to drive loan-making. On average, credit unions increase their loan volume by more than 40% when using the HomeAdvantage program, CU Realty said.
The five new credit unions to partner with CU Realty included the $750 million Salal Credit Union in Seattle; $489 million Tucson Federal Credit Union in Arizona; the San Bruno, Calif.-based, $965 million Police Credit Union and $1.46 billion LGE Community Credit Union in Atlanta. A fifth institution, the Portland, Ore.-based, $1.4 billion Unitus Community Credit Union, became the first credit union in Oregon to implement the HomeAdvantage Program, according to CU Realty.
“As we celebrate CU Realty Services’ 20th anniversary, it is an honor to welcome these new credit unions into our family of partners, which includes credit unions we’ve worked with since the beginning,” Mike Corn, president/CEO of CU Realty Services, said. “Our core mission has always been to make the home-buying process easier and more affordable for credit union members. We are excited to offer HomeAdvantage features and Cash Rewards to nearly 370,000 new members.”
Members who use the program to buy or sell a home qualify for cash-back bonuses at closing. CU Realty has given back nearly $50 million in such cash rewards in the lifespan of the HomeAdvantage program, the CUSO said.