Two mortgage CUSOs, both headquartered in the Western U.S., have partnered to promote more credit union housing finance in the Pacific Northwest.
CU Realty Services of Scottsdale, Ariz., helps credit unions become their members’ first option in real estate lending. Seattle-based CU Home Mortgage Solutions provides real estate and loan servicing options to 11 credit unions so far with more to come, that firm said.
“We used a different real estate program before,” said Diane Anderson, vice president of business development at CUHMS. “But, it never took off. We had great products, great prices and great service. We would process the pre-approval applications but then the members would work with an agent and, nine times out of 10, the agent would steer them toward their preferred lender.”
Designed to offer members the convenience of “one-stop shopping,” CU Realty’s Web-based program offers credit union members all the tools they need to buy or sell a home. Participating credit unions significantly increase their purchase mortgages as they become their members’ first resource in the buying or selling process, the CUSO said.
“Catching your members’ attention at the beginning of a home search makes it more likely they will stay with you through closing,” said Mike Corn, CU Realty Service’s CEO. “As an added incentive, our approved agents offer discounts on broker/agent commissions. That results in lower closing costs for members and adds to the appeal of financing through their credit union.”
The agreement marks CU Realty Service’s first entry into the state of Washington. Once the program is live in late August, credit unions working with CUHMS will be able to increase their purchase mortgage business by offering CU Realty Service’s turnkey real estate program, the firm said.
“CU Realty is a good fit for our client credit unions, helping their members find a quality Realtor, and research homes and neighborhoods online,” said Anderson. “By working with CU Realty’s network of agents, CUHMS can create ‘stickiness’ that will help us close more of our purchase mortgage applications.”