CURealty Services, a CUSO which helps credit unions build theirpurchase loan business by integrating the credit union more deeplyin their members' real estate process, has inked a deal with anIllinois mortgage CUSO.

CU/America, a mortgage CUSO headquartered in the Chicago areawhich has roughly 30 participating credit unions so far, said itsaw a partnership with CU Realty Services as a necessary step tohelp its credit unions prepare for a changing real estatemarket.

“In the past, refinancing accounted for about 70% of ourmortgage activity, but now it's about a 50-50 split,” said JerryHaley, CU/America CEO. “With the shift toward purchase mortgages,rather than refinancing, we see a great opportunity to helpIllinois credit unions provide a significant benefit to theirmembers. I believe CU Realty's program will help us achievethat.”

Credit unions have traditionally seen most of their housing finance growth in refinancing existing loans, buthousing finance experts have been observing for some time that therefinance wave may be subsiding.

Haley said, “Combining CU Realty's services with ours shouldcreate a seamless experience for the member. Now, our client creditunions can help their members in every aspect of the process, fromfinding a home to financing one.”

CU/America plans to actively promote CU Realty Services and itsbenefits to its credit unions, as well as others across thestate.

According to CU Realty' CEO Mike Corn, the program allowsmembers 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, capturingthe attention and interaction of their members earlier in thehome-buyer cycle, Corn said.