Similar to peanut butter and chocolate, the two CUSOs have announced a new partnership to potentially create a new series of offerings that could prove to be a great match for credit union members.
CUSO Real Estate HomeAdvantage, formerly CU Realty Servicesand CUSO Mortgage Member Home Loan disclosed the partnership agreement on Thursday. According to the announcement, the partnership will allow dozens of credit unions served by Member Home Loan to use HomeAdvantage’s online real estate resources for their members.
“We’re thrilled to be partnering with HomeAdvantage,” said Janie Smith-Lowill, Executive Vice President of Home Loan for Participants. “We are confident that through this new partnership we will be able to provide an easy, efficient and complete home buying experience. We pride ourselves on our customer service and will work hard to ensure our members are fully satisfied throughout the entire home buying process. ”
According to the joint statement, HomeAdvantage, the largest CUSO in the US real estate industry, uses front-end tools to engage participants early in the home buying process, and back-end systems and personal touchpoints to support them until they are ready to complete a deal. One of these points of contact is with a HomeAdvantage certified real estate agent who is trained to prioritize credit union financing.
“On average, when credit unions use HomeAdvantage, they increase their loan volume by more than 40%, and an impressive 85% of purchase loan applicants stay with the credit union to receive financing. Through the program, members earn cash back savings in HomeAdvantage cash rewards, averaging $ 1,600 per real estate transaction. More than $ 6 million in cash awards were distributed last year, ”the statement said.
“HomeAdvantage and the Member Home Loan have a common goal of making home purchases more affordable for credit union members,” said HomeAdvantage CEO Herb Behrens. “We are very excited about the impact this partnership will have on this goal, as we will have the opportunity to reach and serve over 350,000 members.”
Member Home Loan is a credit union mortgage lending firm licensed in Missouri, Illinois, Louisiana, New Mexico, Ohio, Oklahoma, and Texas.