CU Today: CU Realty Services Again Reports YoY Growth

CU Today: CU Realty Services Again Reports YoY Growth February 11, 2020

SCOTTSDALE, Ariz.– CU Realty Services (CURS), which said it is the largest real estate Credit Union Service Organization (CUSO) in the U.S., is reporting year-over-year growth for the ninth consecutive year. The strong 2019 results are attributed to the continued success of HomeAdvantage®, CURS’ turnkey real estate marketing platform. HomeAdvantage helps credit unions become their members’ first stop for real estate transactions to attract, engage and close more home buyer and seller leads.

In 2019, CU Realty Services said it achieved these key milestones:

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  • Generated more than 36,600 home buyer and seller leads back to its credit union partners
  • Facilitated nearly 4,200 closings through HomeAdvantage
  • Delivered over $6.7 million in HomeAdvantage Cash Rewards to credit union members—an 8 percent increase over 2018
  • Signed 11 new credit union and CUSO partners
  • Expanded into one new state: Nevada

“As we celebrate CU Realty Services’ 20th anniversary in 2020, we reflect on how our organization has grown from being one of the first companies to offer searchable property listings on the internet to becoming the largest real estate CUSO in the nation,” said Mike Corn, president and CEO of CU Realty Services. ”We are grateful for strong, win-win relationships with our credit union partners that fuel each others’ growth.”

CU Realty Services currently helps more than 120 credit unions increase their purchase mortgage business and achieve higher pull-through rates. When credit union partners use HomeAdvantage, on average they increase their loan volume by more than 40 percent and reach pull-through rates of 80 percent and higher.

New CU Partners
Ten credit unions and one mortgage CUSO implemented HomeAdvantage in 2019:

  • Silver State Schools Credit Union (Las Vegas, NV): 53,000 members, $774M in assets
  • Chartway Federal Credit Union (Virginia Beach, VA): 184,000 members, $2B in assets
  • iQ Credit Union (Vancouver, WA): 81,000 members, $1.4B in assets
  • Police and Fire Federal Credit Union (Philadelphia, PA): 298,000 members, $5.23B assets
  • Cascade Federal Credit Union (Kent, WA): 9,200 members, $303M in assets
  • Education First Credit Union (Columbus, OH): 13,100 members, $113M in assets
  • Freedom Federal Credit Union (Bel Air, MD): 32,000 members, $306M in assets
  • Kane County Teachers Credit Union (Elgin, IL): 21,100 members, $257M in assets.
  • Houston Federal Credit Union (Sugar Land, TX): 60,116 members, $618M in assets
  • Great River Federal Credit Union (Saint Cloud, MN): 15,263 members, $170M in assets
  • myCUmortgage (Beavercreek, OH): 235,363 members

2019 Cash Rewards
When members use the HomeAdvantage program to buy or sell a home, they qualify to earn cash-back bonuses at closing called Cash Rewards. In 2019, HomeAdvantage delivered $6.7 million in Cash Rewards averaging $1,600 in savings per transaction. More than $48 million in Cash Rewards  have been cumulatively distributed during the program’s lifetime.

The 10 credit unions with the largest HomeAdvantage Cash Rewards payouts in 2019 are:

  • BCU (Chicago, IL): $703,800
  • Wings Financial (Apple Valley, MN) $353,201
  • Northwest Federal CU (Herndon, VA): $324,492
  • Wright-Patt CU (Beavercreek, OH): $319,998
  • Apple Federal CU (Fairfax, VA): $306,045
  • Affinity Plus Federal CA (St. Paul, MN): $279,543
  • Partners Federal CU (Burbank, CA): $276,905
  • Bank-Fund Staff Federal CU (Washington, DC): $263,214
  • Tower Federal CU (Laurel, MD): $193,869
  • FAIRWINDS CU (Orlando, FL): $168,239

MIllion Dollar Club
The Million Dollar Club recognizes credit unions that have saved their home-buying and home-selling members $1 million or more in the form of HomeAdvantage Cash Rewards.

To date, 10 credit unions have achieved Million Dollar Club status. Those credit unions and their lifetime cash-back benefits are:

  • Northwest Federal Credit Union: $5.5 million
  • Bank-Fund Staff Federal Credit Union: $5.1 million
  • BCU: $4 million
  • Wright-Patt Credit Union: $2.5 million
  • Tower Federal Credit Union: $2.4 million
  • Apple Federal Credit Union: $2.2 million
  • Affinity Plus Federal Credit Union: $2 million
  • Partners Federal Credit Union: $1.5 million
  • State Department Federal Credit Union: $1.5 million
  • Wings Financial Credit Union: $1.2 million

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CONTACT:

Synergy Group
314.961.9772