Press Release (ePRNews.com) - SCOTTSDALE, Ariz. - Feb 21, 2017 - In recognition of their work to make homeownership more affordable, CU Realty Services (CURS) has inducted eight credit union clients into its newly formed “Million Dollar Club.” Using the HomeAdvantage® program from CURS—the largest real estate CUSO in the U.S.—each of these credit unions has given back more than $1 million in Cash Rewards to members at closing, cumulatively saving members more than $17 million.
HomeAdvantage is a turnkey real estate program that provides members with a one-stop, home buying and selling experience. Members can search for properties, find a real estate agent and earn HomeAdvantage Cash Rewards at closing when they use one of those agents. Cash Rewards are equal to 20 percent of the agent’s earned commission and save members an average of $1,570 per transaction nationwide. While hundreds of credit unions use HomeAdvantage to help their members, only eight have surpassed the million dollar lifetime Cash Rewards milestone.
“Every year since we started offering this program we have grown,” said Bob Pondelicek, director of mortgage sales at BCU. “Last year alone we gave back to our members close to $500,000.”
The inaugural group of credit unions inducted into the “Million Dollar Club,” along with their cumulative lifetime Cash Rewards through 2016, are:
• Northwest Federal Credit Union (Herndon, Va.)—$4.5 million in Cash Rewards (200,000 members and $3.1 billion in assets)
• Bank-Fund Staff Federal Credit Union (Washington, D.C.)—$4 million in Cash Rewards (84,000 members and $4 billion in assets)
• Tower Federal Credit Union (Laurel, Md.)—$1.7 million in Cash Rewards (150,000 members, $2.9 billion in assets)
• Wright-Patt Credit Union (Dayton, Ohio)—$1.7 million in Cash Rewards (320,000 members, $3.2 billion in assets)
• BCU (Chicago)—$1.5 million in Cash Rewards (200,000 members, $2.5 billion in assets)
• Apple Federal Credit Union (Fairfax, Va.)—$1.3 million in Cash Rewards (185,000 members, $2.2 billion in assets)
• Affinity Plus Federal Credit Union (St. Paul, Minn.)—$1.2 million in Cash Rewards (184,000 members, $3.5 billion in assets)
• State Department Federal Credit Union (Washington D.C.)—$1.1 million in Cash Rewards (73,000 members, $1.7 billion in assets)
“Reaching the $1 million milestone is an exciting achievement for Apple FCU, as we are giving back and making a difference to our members,” said Rob Drake, mortgage originations manager at Apple FCU. “To be able to put money in our members’ pockets is always a good thing, especially when they can use it to offset closing costs or purchase items to help furnish their new home.”
Tim Mislansky, senior vice-president and chief lending officer at Wright-Patt Credit Union said surpassing the million dollar milestone proves they’ve provided tremendous value to their members. He adds while the HomeAdvantage Cash Rewards initially attract members to the program, assigning them a trained and pre-approved real estate agent gives members a sense of security that they are in good hands throughout the entire home buying or selling process. “And for us, because we are seen as our members’ real estate advocates we no longer worry about losing our mortgage loans to our competitors. Having a team of trustworthy real estate agents, to partner with, has allowed us to keep 96 percent of our mortgage loans that come through the program.”
“We see how overwhelmed our members get with costs related to buying and selling a home,” said John Simonsen, Affinity Plus director of real estate. “Being able to give them a little bit of financial peace of mind through the opportunity of a cash-back benefit is just one way we’re committed to making the process easier.”
About the Million Dollar Club
The Million Dollar Club (MDC) was launched in 2016 by CU Realty Services in an effort to recognize high-performing credit union clients that use the HomeAdvantage program to make homeownership more affordable. To be inducted into the Club, credit unions must show a minimum of $1 million in savings to its members via HomeAdvantage Cash Rewards since program inception.
About CU Realty Services, LLC Source :
CU Realty Services provides real estate services to credit unions across the nation, helping them increase their purchase mortgage business. Launched in 2001, the CUSO has worked with more than 100 credit unions and mortgage CUSOs nationwide to offer its turnkey real estate program, HomeAdvantage. Through the program, credit union members can search for homes, research neighborhoods, calculate costs of homeownership, connect to experienced real estate agents, and earn HomeAdvantage Cash Rewards. By offering this program to members, credit unions are able to attract, identify and engage more home buyers, and consequently close more loans. To learn more, visit www.curealty.com.
CU Realty Services