CU Realty Services, the housingfinance CUSO that helps credit unions make more purchase moneymortgage loans, said Wednesday it distributed $2.85 million inrebates to members of participating credit unions last year.

Purchase money loans are mortgage loans used to purchase realestate, not to refinance already existing mortgage debt.

CU Realty Services increases credit union mortgage volume byinvolving the lenders early in both property purchases and sales.The CUSO provides participating websites with tools their memberscan use to research available homes and areas as well a network ofleading Realtors to help with listing or buying property.

Credit union members obtain rebates from the program becauseparticipating Realtors agree to take part at a reducedcommission.

The top 10 credit unions' rebate totals for last year includedthe following, the CUSO said:

• The $3.8 billion Bank-Fund Staff Federal Credit Union(Washington, D.C.): $465,161.45
• The $2.6 billion Northwest Federal Credit Union (Herndon, Va.):$462,679.68
• The $2.7 billion Wright-Patt Credit Union (Fairborn, Ohio):$199,469.87
• The $1.8 billion Apple Federal Credit Union (Fairfax, Va.):$198,337.24
• The $2.6 billion Tower Federal Credit Union (AnnapolisJunction, Md.) : $170,059.41
• The $1.9 billion Baxter Credit Union (Vernon Hills, Ill.):$156,523.00
• The $1.5 billion State Department Federal Credit Union(Alexandria, Va.): $120,177.59
• The $2.2 billion Affinity Plus Federal Credit Union (St. Paul,Minn.): $111,947.44
• The $2.3 billion Redwood Credit Union (Santa Rosa, Calif.):$85,084.67
• The $1.2 billion Partners Federal Credit Union (Burbank,Calif.): $77,647.25

“The housing market is signaling a rebound, with more homebuyers and sellers jumping back in,” said CU Realty Services CEOMike Corn. “As the competition heats up, CU Realty is here to helpcredit unions connect with these buyers and sellers right from thestart, as their first point of contact, long before they need amortgage. As a result, we're seeing a large number of members starttheir search with their credit union, and stay for financing.”

According to Janet Corrigan, director of lending at of Bank-FundStaff FCU, the value of the CU Realty program is its wide range ofservices.

“It offers our members everything they might need during theirhome-buying process,” Corrigan said. “By connecting with membersearly on, and assisting them along each step, we are doing morethan growing mortgage volumes. We are strengtheningrelationships.”

John Ritchey, director of lending at Apple FCU, agreed.

“The realty program is based on building relationships – withmembers, with real estate agents. Even more, it benefits everyone –a true win-win-win,” he said.