Thanks to two piloting credit unions, NorthCountry Federal Credit Union and West Community Credit Union, we’re empowering investment property owners with innovative new tools through an innovative program called CU-Homewise.
These piloting credit unions are offering a loan program that is built specifically to reduce the risk typically associated with property rental. For example, if the property sits vacant, owners have the option to defer their loan payment. The program also administers free tenant screenings that grant an accurate assessment of a potential tenant’s ability to pay that extends beyond a traditional credit report, providing confidence to both the landlord and the credit union.
Through Filene Fellow, Bob Manning, an alternative to traditional credit reports (Responsible Debt Relief,) is used to help identify good tenants even if their credit reports contain little or negative information, thus widening the pool of desirable rental applicants. This tool, in combination with a more traditional credit and background screening service provides a robust offering to help member property owners make better decisions.
Piloting credit unions not only have access to free tenant screening services, but also a marketing toolkit of print-ready, customizable materials and a website to help reach out to potential or even first-time investors.
This solution is ideal for any credit union looking for an innovative way to grow loans and reach out to a largely untapped market for credit unions.
Learn more about CU-Homewise: Click here for more details and Click here to visit the web site.
Post a comment