Northwest FCU Becomes Top HomeAdvantage Producer

HomeAdvantage has recognized Virginia-based Northwest Federal Credit Union as a top producer of member savings through its real estate program.

The Scottsdale, Ariz., CUSO offers home buyers a website where they can search for homes available in their area — if they are searching in an area served by HomeAdvantage. Interested shoppers can be connected to a real estate agent connected to HomeAdvantage. The site also asks shoppers for the name of their credit union. If it’s a partner credit union, the site notifies it that their member might be looking for a mortgage.

HomeAdvantage said most partners have a co-branded HomeAdvantage portal on their website, which notifies their team if their member is looking for a mortgage. HomeAdvantage said its national data shows that when a member uses a HomeAdvantage agent, the credit union retains the mortgage 80% of the time.

Buyers and sellers qualify for the discount by using a real estate agent in the HomeAdvantage program. Buyers can use any lender. The buyer or seller receives a credit at closing called a “Cash Reward,” that is funded by 20% of the real estate agent’s commission.

Northwest FCU ($4.4 billion in assets, 245,920 members as of June 30) is based in Herndon, Va., just west of Washington, D.C. It was among the early adopters of the program, becoming a partner in 2004 – just four years after the CUSO’s founding. In 2017, it became part of HomeAdvantage’s Million Dollar Club because it generated more than $1 million in Cash Rewards for members.

On Thursday, HomeAdvantage recognized Northwest FCU for saving its members more than $6 million through the HomeAdvantage program — more than any other HomeAdvantage partner credit union.

“It is an impressive accomplishment for Northwest Federal Credit Union to reach the highest threshold ever in the Million Dollar Club,” HomeAdvantage CEO Herb Behrens said. “We honor their dedication and exceptional work in helping members meet their homeownership goals.”

Joe Talmadge, vice president of mortgage lending for Northwest FCU, said it considers HomeAdvantage an important tool to benefit members during their home-buying process.

“Hitting the $1 million mark in 2017 was a significant milestone for Northwest Federal,” Talmadge said. “Our ability to accelerate and reach $6 million in savings for our members only four years later is testament to our dedication in offering the very best service and savings to our members.”

Northwest members earn an average reward of $2,500 per closing. To date, nearly $60 million in HomeAdvantage rewards has been given back to credit union members across the United States.

HomeAdvantage’s news release said the credit union has registered nearly 600 new members into the HomeAdvantage program in the last 12 months, of which 94% indicated they were not already working with a real estate agent and over 60% indicated they were not already pre-qualified for a loan.

NCUA data showed Northwest FCU originated $846.9 million in first mortgages in the 12 months ending June 30, up 63.5% from the previous 12 months.

Northwest FCU is among 13 credit unions in HomeAdvantage’s Million Dollar Club.

NCUA data showed the 13 credit unions had $61 billion in assets and 3.1 million members as of June 30. They originated $12.1 billion in first mortgages in the 12 months ending June 30, up 31.5% from the previous 12 months, an increase that was on par with all credit unions.

The members are:

1. Affinity Plus Federal Credit Union, Saint Paul, Minn. ($3.5 billion in assets, 224,879 members) originated $1.1 billion in first mortgages, up 57%.

2. Apple Federal Credit Union, Fairfax, Va. ($3.7 billion in assets, 235,312 members) originated $575.9 million in first mortgages, up 0.5%.

3. Bank-Fund Staff Federal Credit Union, Washington, D.C. ($6.3 billion in assets, 89,717 members) originated $1.3 billion in first mortgages, up 69.8%.

4. BCU, Vernon Hills, Ill. ($4.9 billion in assets, 298,855 members) originated $1.9 billion in first mortgages, up 63.5%.

5. Fairwinds Credit Union, Orlando, Fla. ($3.8 billion in assets, 206,640 members) originated $637.9 million in first mortgages, up 26.4%.

6. Northwest FCU, Herndon, Va. ($4.4 billion in assets, 245,920 members) originated $846.9 million in first mortgages, up 63.5%.

7. Partners Federal Credit Union, Burbank, Calif. ($2.4 billion in assets, 181,489 members) originated $585.8 million in first mortgages, up 13.5%.

8. Redwood Credit Union, Santa Rosa, Calif. ($6.9 billion in assets, 309,864 members) originated $1.2 billion in first mortgages, up 10.7%.

9. State Employees Credit Union of Maryland, Linthicum, Md. ($4.7 billion in assets, 250,139 members) originated $798 million in first mortgages, up 23.7%.

10. State Department Federal Credit Union, Alexandria, Va. ($2.5 billion in assets, 90,607 members) originated $134 million in first mortgages, down 23.6%.

11. Tower Federal Credit Union, Laurel, Md. ($4 billion in assets, 202,963 members) originated $359 million in first mortgages, down 5%.

12. Wings Financial Credit Union, Apple Valley, Minn. ($7.3 billion in assets, 318,920 members) originated $1.4 billion in first mortgages, up 16.4%.

13. Wright-Patt Credit Union, Beavercreek, Ohio ($6.6 billion in assets, 435,495 members) originated $1.2 billion in first mortgages, up 27.5%.

The CUSO has gone through some major changes this year.

In April, Behrens was appointed CEO. He had previously been vice president of mortgage lending at BCU, which was also an early adopter. He replaced co-founder Mike Corn, who became chair and continues as a part-owner and strategic advisor.

In June, the CUSO officially changed its name from CU Realty to HomeAdvantage, its consumer-facing name through its real estate program. It also expanded its member service area to 49 states, up from 24 previously.