State Department Federal Credit Union Saves Members $1.1 Million While Closing Mortgages for Members in the U.S. and Overseas
CU Realty Services welcomes State Department Federal Credit Union to elite Million Dollar Club
SCOTTSDALE, Ariz., December 13, 2016—A desire to better meet the real estate and mortgage needs of a geographically diverse member base was the catalyst behind State Department Federal Credit Union’s (SDFCU) 2004 implementation of HomeAdvantage®. Today, the CU has not only helped thousands of members buy and sell their homes, but it has also delivered more than $1.1 million in HomeAdvantage Cash Rewards along the way. While hundreds of CUs and CUSOs across the U.S. offer HomeAdvantage to its members, SDFCU is one of only eight to surpass the million dollar milestone and join the program’s prestigious Million Dollar Club. The Washington, D.C.-based credit union serves a unique group of more than 73,000 members. Many—including Department of State foreign service officers, diplomats and ambassadors—live and serve outside of the U.S. Regardless of their location, SDFCU helps members navigate the search for and purchase of a U.S.-basedhome, often while they are still living overseas.
HomeAdvantage, a turnkey real estate program offered by CU Realty Services, makes it possible by offering members a one-stop, home buying experience. Members can visit the site from anywhere in the world to search for homes, connect with local real estate agents and earn HomeAdvantage Cash Rewards—an average of $2,200 per transaction—at closing. “It gives us the ability to tell our members this [SDFCU] is where they will not only get their mortgage,” said Katie Gillogly, manager of mortgage lending at SDFCU, “but where they will get all their home buying needs met—from A to Z.”>
SDFCU’s Million Dollar Club success is tied to their members’ use of the HomeAdvantage agents. “We have members purchasing homes they’ve never stepped inside. Our HomeAdvantage agents provide videos of homes and neighborhoods and will often work with the member for six months to a year before they come back to the states,” said Gillogly.
While Cash Rewards help attract members to the program, Gillogly says providing them with an experienced real estate agent gives members a sense of security. “The relationship we have with the HomeAdvantage real estate agents is critical. These agents are not working with the average home buyer,” said Gillogly. “At any given time, about nine to 10 percent of our members are overseas. Our agents understand their unique needs and are veterans at navigating our members through this process. For us, the HomeAdvantage program is about improving the member experience by giving them what they need for their very specific, home buying situations.”
About CU Realty Services, LLC
CU Realty Services provides real estate services to credit unions across the nation, helping them increase their purchase mortgage business. Launched in 2001, the CUSO has worked with more than 100 credit unions and thousands of their members. CU Realty’s range of web-based tools helps home buyers find homes, research neighborhoods, calculate costs, connect to experienced real estate agents, and earn a cash reward. By offering this program to members, credit unions are able to achieve significant increases in their purchase mortgage business.
CU Realty Services partners with hundreds of credit unions and mortgage CUSOs in 24 states. To learn how credit unions are becoming members’ first point of contact, www.curealty.com.
State Department Federal Credit Union is a member-owned full-service financial institution that is committed to serving its over 73,000 members worldwide. With $1.7 Billion in assets, SDFCU offers a wide range of financial products and special services that address the diverse and unique needs of its members. Visit SDFCU www.sdfcu.org.