SCOTTSDALE, Ariz. (2/14/12)--In 2011, CU Realty Services awarded a total of $1.8 million in cost savings to credit union members who bought or sold their homes using the company's network of real estate agents.
On average, members saved $1,499, about 20% in real estate commissions. The top participant was Bank Fund Staff FCU in Washington, D.C., which saved its home-buying or selling members $382,000. Following closely was Northwest FCU in Herndon, Va., which disbursed a total of $337,460 in savings to its members.
Scottsdale, Ariz.-based CU Realty helps members find a house, research a neighborhood and connect with an agent, while acting as an active lead channel when the member is ready for financing.
The company helps credit become the first point of contact for members looking for a home, important because more than 80% of homebuyers stick with the first realtor they meet, said Mike Corn, CEO of CU Realty Services.
"Using our online program, credit union members can pre-qualify for a loan before they ever speak with an agent," Corn said. "And we also make it easy to choose from among pre-screened, trained realtors who steer members back to the credit union for financing."
CU Realty says the program helps buyers, credit unions and realtors: members save on closing costs and are provided with a network of knowledgeable realtors, who provide high-quality service; credit unions increase their mortgage portfolios; and qualified agents receive pre-approved leads from the credit union.