Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CUs mortgage promo cuts sales commissions
DAYTON, Ohio (12/30/09)--An Ohio credit union program that cuts sales commissions for home buyers and sellers has become more popular this year, according to an Ohio newspaper. The Dayton Daily News reported that the program--by Wright-Patt CU in Fairborn--requires agents to return 20% of their commission to the client. Homebuyers can use the money for down payments, furniture or closing costs, and has brought savings to members who otherwise may have not been able to buy a home, the article said (Dec 26). Real estate commissions range from 6% to 7%. For a $100,000 home, the savings could mean an extra $600 or $700, the newspaper said. Agents have returned $100,000 in commissions, and the cutbacks are expected to reach $112,000 by year-end. Last year, they gave back $87,000. In 2007, they returned $70,000. Ohio credit unions have seen demand for home loans increase. First-mortgage originations during the first half of 2009 reached $960.5 million, compared with $639.5 million the year before, the newspaper added.
Other Resources

RSS print
News Now LiveWire
Stay tuned for coverage of @CUNA's BSA conference which starts Sunday. #CUNABSA #CUNACompliance
5 hours ago
Today's the last day to complete @CUNA's Home Depot data breach survey http://t.co/UcB8G9bVXe #StoptheDataBreaches
6 hours ago
Brenda Davis of Cross Roads Ministries will walk through 83 communities during the Ending Hunger Walking tour. (2 of 2)
7 hours ago
The Ending Hunger Walking tour, coordinated by the Maine CU League, kicked off at Old Maine CU in Augusta today. (1 of 2)
7 hours ago
Darwin Brokke of Citizens Community CU represented the #CU Association of Dakotas at a housing summit hosted by @SenatorHeitkamp
7 hours ago