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Partners FCU: HomeAdvantage™ Helps Us Grow Our Purchase Mortgage Business
Brad Tichenor, AVP Home Mortgage Group at Partners Federal Credit Union, discusses how
HomeAdvantage helps the $1.1 billion, bi-coastal credit union strengthen member relationships
through real estate advocacy and earn more of its members' purchase mortgage business in
Growing purchase money with First Point of Contact
"When it comes to the purchase business, any report or any data that’s out there indicates that the purchase money market is really where the growth opportunities are going to be," says Brad Tichenor, AVP Home Mortgage Solutions at Partners Federal Credit Union. "The refinance business has for the most part dried up."
As a result, Partners FCU has been focused on purchase money as a source of business opportunities. "Being able to partner with someone who has the ability to add value and to really engage members early on in the buying cycle — which is what HomeAdvantage does — has been a tremendous value add for our members. I don't know of a better way for us to grow purchase business," adds Tichenor. "HomeAdvantage allows us to make contact with members before they sit down with a mortgage advisor to get financing, before they've met with a real estate agent or before they've even gone online and looked for a property."
For Partners FCU, establishing first point of contact
and engaging members early in the buying cycle has helped the credit union develop relationships as their members' real estate advocate and be better positioned to earn the business on the mortgage transaction.
Partnership with real estate agents
Building and fostering mutually beneficial relationships with real estate agents has been a critical factor in its success with HomeAdvantage. "One of the things that we really like about HomeAdvantage is the ability that we have to truly partner with real estate agents," according to Tichenor. "The HomeAdvantage agents have a close tie to us and vice versa. We have found that this partnership helps us not only to provide a high level of service to the member but it also helps us to retain a high percentage of those mortgages."
And the agents in the HomeAdvantage network have delivered for Partners. "We've been very impressed with the agents in the HomeAdvantage program," continues Tichenor. "We get outstanding comments from our members about the experience. The agents selected for the program are very high caliber."
When it came to reporting, Partners FCU was looking for more visibility. "There is a lot of data and analytics that go behind what the agents are doing and
what our mortgage advisors are doing. It's one thing to say that we've received a certain number of loans by referral from the program. But when you can point to reports that clearly show if the loan is not going with us, where it goes, and why it goes there, that's a huge training and coaching and teaching opportunity for us," notes Tichenor.
The HomeAdvantage rebate
For Tichenor, the rebate is a great way for the credit union to put money back in the pockets of its members. And with little cost to the credit union. "The rebate for us has been an outstanding value add. Since the program's inception just over two years ago, we've given back about $300,000 in rebates to our members! What's great — particularly when we talk to our senior leaders and our executive team — and we show them the dollar amounts have been given back to the members, that's a huge huge win for us," says Tichenor.
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