Click Here

REALTORŪ Magazine Online: The real estate professional's business support tool.

OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

Daily Real Estate News  |  November 7, 2008  |   Credit Union for Members Gets Go-Ahead
In an era of tight credit, REALTORSŪ have a new financing resource—a brand-new association credit union.

Officials from NAR and the National Credit Union Administration finalized a letter of understanding and agreement earlier this week that spells out the activities and management structure of the new credit union organization, which is expected to open for business in mid-2009.

The new entity, called REALTORSŪ Federal Credit Union, will be totally separate from NAR, with its own board of directors and management team.

24/7 Access

“The credit union is a great member benefit for REALTORSŪ,” said Mike Brodie, chair of the credit union board and former NAR treasurer.

The credit union will be open 24/7 and is completely Web-based with U.S.-based call-center support.

Because operations will be on the Internet, the credit union will be convenient for work schedules and lifestyles of REALTORSŪ.

Who's Eligible to Join?

All REALTORSŪ and their families are eligible to become credit union members, as are REALTORŪ employees of the local, state, and the national association. Staff of NAR’s institutes, societies, and councils also can join. REALTORŪ clients and customers, such and home buyers and home sellers, are not eligible.

Brodie explained that the credit union is not a bank and is not akin to banks getting into real estate. “Many companies, government agencies, and professional organizations have credit unions. That includes the U.S. Treasury Department, the FDIC, the Federal Reserve, Congress, and the White House, as well as most federal government agencies.”

Not Owned by NAR

The REALTORSŪ Federal Credit Union is a nonprofit, cooperative owned by its members and directed by an elected volunteer board. It will not be owned by NAR. Like other credit unions, the credit union is a stand-alone entity. Earnings will flow back to the credit union and its members, not to NAR.

—NAR

Browse all of today's news
E-mail this page to a friend
Give us feedback


Search news
Launch my search
 
Subscribe to news
Subscribe to News
Daily and weekly real estate news, trends, NAR press releases, convention coverage, plus exclusive features and columns.

RSS Feed
Get the Daily Real Estate News delivered straight to your desktop or news aggregator. (New to RSS? Learn the basics here.)
 
 
SHARE YOUR INSIGHTS
How did you sell it?
Tell us how you overcame hurdles to sell a challenging or very unique listing!