SCOTTSDALE, Ariz.–University of Virginia Community Credit Union has turned to HomeAdvantage, a program developed by CU Realty Services to help credit unions enhance the mortgage services it offers its members.
“When interest rates were low and home-buying at a standstill, we naturally focused our resources on refinancing,” says Matt Sweetanos, operations manager for Member Options, the credit union’s mortgage division. “While we were very successful, the consequence was that we neglected our purchase mortgage business. HomeAdvantage is helping us get back on track.”
When members enroll in HomeAdvantage, they can search for homes using the program’s online property listings, research neighborhood characteristics, get a referral to an experienced local real estate agent, and earn a rebate that can be used to reduce closing costs. The average member saves $1,500 per transaction. For financial institutions like UVA Community Credit Union that exist to serve its members, this is a valuable service, the company said.
But HomeAdvantage also benefits the credit union, itself. “From our point of view, an important element of HomeAdvantage is that it positions us as a source of authoritative information for members from the very start of the home-buying process,” Sweetanos says. “And it offers a series of services that encourage members who participate in the program to select us for their mortgages.”
CU Realty Services’ President/CEO Mike Corn agrees. “Connecting with members at the beginning of their search is credit unions’ sweet spot,” he says. “Not only does HomeAdvantage enable them to deliver on a core principle of member service, but it greatly increases their chance of earning the member’s mortgage business.”
Sweetanos sees HomeAdvantage as a critical component in the credit union’s strategy to close at least 20 percent more purchase mortgages this year.
HomeAdvantage also provides a framework for credit unions to strengthen their ties with some of the most productive local real estate agents. “Agents are among the most important influencers when buyers select their lenders,” Sweetanos says. “Through HomeAdvantage, we are able to introduce buyers to our partner agents, allows us to demonstrate what great service we can provide to both the agents and the buyers.” It’s a win for our members, for local agents, and for the credit