One-Stop Mortgage Shopping an Opportunity for CUs

According to the Consumer Financial Protection Bureau, nearly half (47%) of Americans don’t shop for a mortgage. Instead, overwhelmed with the process of finding a home, they opt to talk to only one lender! It’s a financial mistake that can cost a homebuyer more than $25,000.2

Credit unions can help. But how?

Why Your Members Are Buying Homes

There are many reasons why a homebuyer chooses to purchase a new home. According to the 2014 Profile of Home Buyers and Sellers from NAR, 24% – a plurality – choose to buy out of a desire for homeownership vs. other reasons that include relocation, a desire for better neighborhood or a larger home.

California Realtor Elizabeth Weintraub documented 15 Reasons Why Home Owners Sell & Move, but here are three that we see frequently.

Engaging Homebuyers Before They’re Thinking About Buying

When it comes to developing a successful and sustainable purchase mortgage pipeline, establishing first point of contact with potential homebuyers is the primary driver of the relationship behind the transaction. Electric car pioneer Tesla is using the same approach to engage present and future customers. In a business largely defined by urgency and not by relationship building, Tesla is bucking the auto industry norm and counting on a strategy of early engagement to attract future buyers. It's a benchmark worth noting for credit unions interested in attracting more purchase mortgage transactions from its members.

CU Executives Say Mortgages are Top Opportunity in 2015

The executives have spoken and one of the key words is “mortgages.” In October 2014, TransUnion conducted a survey of 142 credit union executives, to find our what they believe are the key areas of growth, focus, and opportunity for their respective credit union in 2015.

Unified Goal: Serve Members & Increase Loans

Serve members well and increase loans at the same time--a strong goal for credit unions and one that we, as a CUSO, strive for as well. JD Power reports that, “...the way millennials now research vehicle buying options and dealers is changing the process for everyone,” and the same can be said for buying a home. Can streamlining these large purchase processes contribute to achieving this goal? Read more.

Yard Signs, the Internet, Friends, Real Estate Agents. Where do buyers find homes?

Are we aware of the major changes in the home purchasing process? The National Association of Realtors (NAR) recently published a graph that reveals how the Internet has assumed the dominant position, over the last decade or so, when it comes to where homebuyers first found the property they purchased. So, what does this mean for the credit unions and real estate transactions? Read more.

PART 3: A Credit Union’s Guide—The Four Phases of the Home Buying Lifecycle

With the help of the Internet, consumers have fundamentally shifted how they search for a new home, forever altering the entire home buying process. Here’s what today’s four-phase process looks like.

How Credit Unions are Creatively Connecting with the Next Generation

All successful businesses recognize the need for appealing early to upcoming generations and credit unions are no exception. Here are some great examples of how some credit unions are creatively cultivating relationships with this important target market.

Part 2: “The ABC’s of Home Buyers”

With the recent decline in refinancing, many credit unions are looking to ramp up their purchase money business quickly, leaving marketing departments challenged to come up to speed just as fast. Here are the top five things CUs need to know about home buyers.

Part 1: Race to be First—The Importance of First Point of Contact

The First Point of Contact™ is able to influence almost every aspect of any residential real estate transaction, including the buyer’s selection of a mortgage lender. Here’s why this position is so important to credit unions and and why it’s worth fighting for.

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