CU Realty Services in Pact With Ilinois Mortgage CUSO
CU Realty Services, a CUSO which helps credit unions build their purchase loan business by integrating the credit union more deeply in their members' real estate process, has inked a deal with an Illinois mortgage CUSO.
CU/America, a mortgage CUSO headquartered in the Chicago area which has roughly 30 participating credit unions so far, said it saw a partnership with CU Realty Services as a necessary step to help its credit unions prepare for a changing real estate market.
“In the past, refinancing accounted for about 70% of our mortgage activity, but now it’s about a 50-50 split,” said Jerry Haley, CU/America CEO. “With the shift toward purchase mortgages, rather than refinancing, we see a great opportunity to help Illinois credit unions provide a significant benefit to their members. I believe CU Realty’s program will help us achieve that.”
Credit unions have traditionally seen most of their housing finance growth in refinancing existing loans, but housing finance experts have been observing for some time that the refinance wave may be subsiding.
Haley said, “Combining CU Realty’s services with ours should create a seamless experience for the member. Now, our client credit unions can help their members in every aspect of the process, from finding a home to financing one.”
CU/America plans to actively promote CU Realty Services and its benefits to its credit unions, as well as others across the state.
According to CU Realty’ CEO Mike Corn, the program allows members to search through MLS listings, research neighborhoods, find capable real estate professionals and save money at closing. And these tools work to credit unions’ benefit, as well, capturing the attention and interaction of their members earlier in the home-buyer cycle, Corn said.