The 98,000-member, $1.13 billion Partners Federal Credit Union says it inked a deal with the housing finance CUSO CU Realty Services in order to help it service what it calls a coming surge in demand for purchase money housing loans.
So-called purchase money loans are mortgage loans which go to purchase a new home versus housing loans that are refinanced. Many credit unions share the goal of increasing the percentage of purchase money loans in their housing finance program.
The Burbank, Calif., credit union serves the employees of the Walt Disney Company and their families around the country, including at Disney World in Florida.
“Building relationships with Realtors certainly strengthens our purchase mortgage business,” said Michael Terzian, the credit union’s vice president of marketing and business development.
“But, maintaining a network of qualified agents in multiple cities in two states would be very difficult for us to achieve,” Terzian said. “CU Realty is making it easy because they provide a network of knowledgeable real estate professionals.”
CU Realty Services seeks to help participating credit unions become the first point of contact for their members, whether they are buying or selling real estate.
Making the credit union the source of both information about potential home purchases or sales and Realtors ready to help credit union members at a reduced cost should help the credit union capture more of the purchase money lending, the credit union explained when announcing the partnership.
“We created CU Realty Services as an advantage to both credit unions and their members,” said CUSO CEO Mike Corn. “Over the past decade, we’ve recruited and trained more than 400 Realtors in 20 states and numerous metro areas. And credit union members have saved millions in closing costs – over $2.2 million in 2012 alone.”