A CUSO which focuses on helping credit unions get a head start on meeting members' mortgage needs has picked up a new credit union.
The $297 million, 27,000-member Belvoir Federal Credit Union in Woodbridge, Va., has signed up with CU Realty of MD, DC VA LLC, a mortgage CUSO affiliated with the broader CU Realty CUSO headquartered in Scottsdale, Ariz.
CU Realty provides a program, website and expertise designed to help credit unions become the first place where credit union members visit when seeking information about potential real estate purchases, the credit union and CUSO said.
The program allows a credit union to help a member research neighborhoods and homes online along with finding a qualified Realtor.
"Instead of coming in at the end, when members are looking for a lender, credit unions can be the first contact point," said Mike Corn, CEO of CU Realty Services, which developed the program.
"We're pleased to offer the CU Realty program, because it will help increase Belvoir Federal's mortgage market share because it puts the credit union at the start of the home-buying or selling process," said Tisha Wallace, Belvoir FCU's chief operating officer. "Even more, CU Realty is designed to save members some 20% in agent commissions."
Wallace added that the program would also help Belvoir confront what has become a perennial problem for many credit unions that offer housing finance: how to let members know that mortgage loans are available.
"It may seem surprising, but like many credit unions that have offered mortgages for a long time, a lot of our members still don't know we provide this service," she said. "We think CU Realty will help us reinforce the benefits of our mortgage services."
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