BY MARGARET BLANKERS
IBM Southeast Employees’ Federal Credit Union knew the time was right to refocus on purchase mortgages: home prices were increasing, the job market was improving, mortgage rates remained low, and refinance activities had decreased sharply. But the $866-million credit union faced a challenge—getting in front of their home-buying members.
The Issue
The Boca Raton, Florida-based credit union had previously built a real estate program that offered Realtor connections and a rebate, on top of their own mortgage products. However, the credit union felt it followed “old school” thinking, as these extra benefits were only available at the time a member applied for a mortgage. Instead, IBM Southeast Employees’ FCU wanted to find a program that helped them attract and identify homebuyers before they were ready to be pre-qualified.
“We were getting to members too late, if at all. And there wasn’t a lot of feedback,” said Mark Skinner, Sr. Director of Real Estate Lending for IBM Southeast Employees’ FCU, who noted that the timing caused the credit union to forfeit chances to make new home loans to members. “We wanted to find a way to reach our members before they found an agent or another lender on their own.”
