CU Realty Services, the housing finance CUSO that helps credit unions make more purchase money mortgage loans, said Wednesday it distributed $2.85 million in rebates to members of participating credit unions last year.
Purchase money loans are mortgage loans used to purchase real estate, not to refinance already existing mortgage debt.
CU Realty Services increases credit union mortgage volume by involving the lenders early in both property purchases and sales. The CUSO provides participating websites with tools their members can use to research available homes and areas as well a network of leading Realtors to help with listing or buying property.
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