SCOTTSDALE, Ariz. -- CU Realty Services, the real estate CUSO, announced that credit unions seeking to take advantage of a "red-hot" real estate market in California have increasingly been using the CUSO's "HomeAdvantage" program to close more purchase mortgages.
During the first half of 2016, the following five California-based credit unions and CUSOs have signed up with HomeAdvantage: Kinecta Federal Credit Union (based in Los Angeles, $3.93 billion in assets); SAFE Credit Union (Sacramento, $2.4 billion); San Mateo Credit Union (Redwood City, $850 million); Yolo Federal Credit Union (Woodland, $250 million); and CUSO Mortgage Inc. (Anaheim).
A total of 20 California-based credit unions and mortgage CUSOs are now using HomeAdvantage.
The program, CU Realty Services explained, identifies members who may purchase a home, keeps them engaged and creates an opportunity for the credit union to earn the member's mortgage business. When credit union members enroll in the program, they are able to search for homes using the program's online property listings, research neighborhoods, get connected to an experienced real estate agent and earn a rebate at closing.
The service also allows credit unions to connect with members at the beginning of their home search – before they talk to a lender – and to stay engaged with the member until they are ready for a mortgage.
CU Realty Services said that when members use an agent in the HomeAdvantage program to buy a new home, 80% of those loans stay with the credit union.
"HomeAdvantage gives credit unions [a] huge advantage, allowing them to help their members through their entire real estate transaction, from finding a home to financing it," said Tandy Vincent, director of marketing at CU Realty Services. "When members become aware that their credit union offers this kind of, 'easy button' for real estate, the credit union becomes their first stop and that's critical to earning their business."
Jason Sasena, Kinecta's SVP of residential mortgage lending, commented: "We looked a long time for the right program to offer our members because we wanted to provide them with a comprehensive buying experience; one that was as seamless as possible. Buying a house is complicated when you factor in financing, finding a real estate agent and searching for the right home. The HomeAdvantage program encapsulates the process and makes buying or selling a lot easier."
