Like peanut butter and chocolate, two CUSOs have announced a new partnership to potentially create a new round of offerings that could prove to be a great combination for members of credit unions.
CUSO HomeAdvantage, formerly CU Realty Services, and CUSO Member Home Loan revealed a 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 its members.
âWe are very happy to partner with HomeAdvantage,â said Janie Smith-Loville, Executive Vice President of Member Home Loan. âWe are convinced that through this new partnership, we will be able to offer a simple, efficient and complete home buying experience. We pride ourselves on customer service and will work diligently to provide members with complete satisfaction throughout the home buying process.
According to a joint statement, HomeAdvantage, which is the largest real estate CUSO in the United States, uses front-end tools to attract members early in the home buying process, while back-end systems and points of sale personal contact support them until they are ready to deal. One of those touch points is connecting to a Certified HomeAvantage Realtor who is trained to keep credit union financing at the top of the list.
âOn average, when credit unions use HomeAdvantage, they increase their loan volume by over 40% and an impressive 85% of their purchase loan applicants stay with the credit union for funding. Members get cash back rewards in the form of HomeAdvantage cash rewards when using the program, which average $ 1,600 per real estate transaction. Over $ 6 million in cash rewards were distributed last year, âthe statement said.
âHomeAdvantage and Member Home Loan share the common goal of making home buying more accessible to members of credit unions,â said Herb Behrens, CEO of HomeAdvantage. âWe are thrilled with the impact this partnership will have on this goal as we will have the opportunity to reach and serve their more than 350,000 members. “
Member Home Loan is a credit union owned mortgage company licensed in Missouri, Illinois, Louisiana, New Mexico, Ohio, Oklahoma and Texas.