CU Realty
CU Realty Services Responsive web app for Credit Unions
CU Realty helps credit unions increase their purchase mortgage volume & is the No. 1 real estate services CUSO.
Background
California credit unions are in the middle of a red-hot real estate market. CUs wanting to take advantage of the boom—and close more purchase mortgages—have turned to an innovative program that identifies members who may purchase a home, keeps them engaged, and creates an opportunity for the CU to earn the member’s mortgage business. The program, called HomeAdvantage,™ is changing how CUs purchase mortgages.
Challenge
Today’s buyers aren’t shopping for rates, products or programs. Most don’t even talk to a lender until the end of the process. Mapping the buyer’s journey can help credit union engage members earlier and earn more mortgage business.
Solution
The opportunity
A cloud-based SaaS solution that puts credit unions front and centre with their home-buying members by offering direct access to research the market and search for homes online. A one-stop solution that provides:
- Member Engagement
- Lead Generation
- Monitoring and Measuring
The process
A team of 3 members led by 1 Project Manager drove the project to success with the latest technologies and a beautiful UI.
Process Highlights
- Understanding and documenting detailed requirements
- Scalable and expandable system architecture
- Flexible module for MLS integration
- Extensive test execution with multiple MLS data
- Performance/ Load/ Stress testing to support multiple MLS
We follow A systematic method to get to solutions.
- Wireframes
- Prototypes
- Coding
- Testing
- HomeAdvantage, a turnkey real estate service, was designed and developed considering the needs of credit unions and their members.
- At the heart of the service is MLS integration. MLS integration was meticulously architected to ensure the smooth onboarding process for new MLS. With 50 MLS already integrated, HomeAdvantage offers multiple property listings.
- Responsive web access allows members to access the service from any device. More MLS will be integrated shortly.
Technology Used
Prototyping
Axure
Photoshop
Frontend
C#
Backend
.NET MVC 5
Database
MongoDB
Testing
Load Impact
Values Propositions
Credit Unions
- Increase Mortgage Volume and Pull-Through
- Develop Effective Real Estate Agent Relationships
- Identify Members Looking to Buy a Home
- Build Better, Stronger Member Relationships
Members
- A trusted source for the home purchase from start to finish
- The centralized location from which members can search for homes and find an agent – saving them time
Benefits
Home Advantage as a Member Engagement service
- Members can search online property listings, compare recent home sales, and research neighborhood demographics such as weather, schools, crime rates, and more.
- Members can get a referral to an experienced real estate agent approved by your credit union.
Home Advantage as a Lead Generation service
- Identifies members interested in buying and provides insight into when they plan to buy and if they are pre-qualified.
- Routes hot mortgage leads directly to the credit union in real-time.
- Nurtures leads with a co-branded drip campaign that keeps your credit union top-of-mind.
Monitoring and Measuring
- Reporting views that help credit unions monitor milestones, including member enrollment, employee engagement, agent referrals, closings, rebates given, and overall member satisfaction levels with the program.
Summary
CU Realty has seen explosive growth in California. During the first half of 2016, five CUs in the state signed up with HomeAdvantage:
- Kinecta Federal Credit Union (Los Angeles) – 286,000 members, $3.93B in assets
- SAFE Credit Union (Sacramento) – 194,000 members, $2.4B assets
- San Mateo Credit Union (Redwood City) – 82,000 members, $850M assets
- Yolo Federal Credit Union (Woodland) – 16,000 members, $250M assets
- CUSO Mortgage (Anaheim) – 800,000 members
A total of 20 California-based credit unions and mortgage CUSOs are now using HomeAdvantage. Sacramento-based Schools Financial Credit Union rolled out the program in 2015 and immediately experienced big wins.
While members report the one-on-one service they receive as the biggest benefit, they also appreciate the financial rewards. From September 2015 through August 2016, credit union members using the HomeAdvantage program in California made more than $700,000 in rebates. Members who use a real estate agent from the HomeAdvantage network earn a rebate at closing.
Testimonials
We have been exceptionally pleased with the partnership with CU Realty. Participating in the program has assisted us with mortgage lead generation, and the relationships built with the CU Realty agents have proved to be invaluable, bringing awareness about the program to our members through the CU Realty events. Our members love the program and have saved over $46,000 in rebates since its inception.
– Ron Collier, President & CEO Indiana Members Credit Union
When a member uses HomeAdvantage to purchase a home, we capture that purchase mortgage transaction 70 percent of the time. I don’t have any other channels that even come close to that success rate!
– Barry Stricklin, SVP Lending Tower Federal Credit Union
Interested In Our
Services? Tell Us About
Your Project!
What Happens Next?
- Schedule a discovery session with our product expert
- We gather all your requirements to best estimate your project
- You get a proposal with cost and timeline we stick to
