A CUSO that helps credit unions increasetheir percentage of mortgages considered as “purchase money” isurging credit unions to consider housing finance less as amarketing product and more as creating a leading sales channel.
|Purchase money mortgage loans are those wherethe buyer uses the money to actually purchase a home or other realestate, as opposed to refinancing a previously existing mortgageloan they already held.
|“Credit unions should start looking at thehome-buying decision cycle as a lead channel, and design a programthat will enable them to capture their members' business when theyare ready to begin their search – not after,” wrote CU Realty Services in a white paper titled “Making the Shift:Helping Credit Unions Establish Real Estate Services as a CoreProduct Offering.”
|CU Realty Services is a CUSO which helpscredit unions tailor their housing finance programs to attract morepurchase money borrowers.
|“Instead of simply making mortgage loansavailable, credit unions that include real estate programs amongtheir core services are seen as full-service institutions. They areable to meet members' home-buying or selling needs from start tofinish,” the CUSO argued.
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