WASHINGTON – The National Association of Realtors was today granted a federal charter for its own credit union.
Realtors FCU will operate as an Internet-based CU without physical branch locations. It will serve the 1.2 million members of the NAR.
Realtors FCU will offer full deposit and financial services, including personal savings, personal and business checking, direct deposit, Money Market Accounts, certificates of deposits and IRAs. All loan options will also be available, including a new REALTOR Start Up Loan (up to $50,000), mortgage loans, HELOCs and business and investment property loans.
“The credit union is a great member benefit for realtors,” said Mike Brodie, chair of the RFCU board and former NAR treasurer.
“I am pleased to extend this financial service option to the National Association of Realtors,” NCUA Chairman Michael Fryzel said.
Lucien Salvant, managing director of public affairs for the NAR, stressed that the CU was formed strictly as a member benefit for NAR Realtors. Mortgage lending will be for members, not for their customers and clients.
Realtors FCU will be based in Rockville, Maryland.
The credit union has been two years in the making.
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