REALTORS® Federal Credit Union, a Division of Northwest Federal Credit Union Creates Option for Real Estate …

HERNDON, Va.–(BUSINESS WIRE)–REALTORS® Federal Credit Union, a Division of Northwest Federal Credit
Union, recently lead the charge to bring the credit union industry real
estate escrow accounts. The Credit Union, which exclusively serves
members of the National Association of REALTORS® (NAR), worked with the
National Credit Union Administration (NCUA) to bring about change in
legislation effective January 27, 2016. The credit union will offer
these accounts on March 1, 2016, allowing eligible members the option to
choose a share-insured account with no minimum balance or monthly
service fees to house their clients’ earnest money deposits.

The account gives real estate brokers a choice in where to house
clients’ earnest money deposits during the transaction process—an
opportunity not available before the credit union lobbied the cause.

“Our mission is to deliver unique financial services that are integral
to the financial success of our members. We know our members, and we’re
passionate about finding solutions that allow us to meet all of their
financial needs under one roof,” said Senior Vice President Victoria
Gillespie. “This is a great win for our members and the credit union
industry as a whole. We’re thankful that Congress, and our regulatory
agency, NCUA, have provided the opportunity for credit union members to
have access to this valuable service at their chosen financial
institution.”

Real estate professionals often find many fees associated with these
accounts at other financial institutions; the Credit Union’s real estate
escrow account is free to open, and has no minimum balance or monthly
maintenance fees.

“REALTORS® Federal Credit Union is a secure and innovative financial
services provider, formed to serve the unique banking needs of
Realtors®,” said National Association of REALTORS® President Tom
Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida.
“The option of a broker escrow account is just one more example of how
REALTORS® Federal Credit Union is a world-class benefit for our members.”

About REALTORS® Federal Credit Union, a Division of Northwest Federal
Credit Union

Originally founded in 2008 by the National Association of REALTORS®,
REALTORS® Federal Credit Union was the first-ever virtual credit union.
REALTORS® Federal Credit Union is a Division of Northwest Federal Credit
Union, and is also a proud partner in NAR’s REALTOR Benefits® program.
The Credit Union’s field of membership includes members and employees of
NAR and their immediate family members, State and Local
Associations/Boards of REALTORS® and their employees, Institutes,
Societies, and Councils and their employees, and REALTOR®-owned Multiple
Listing Services and businesses. For more information, visit www.REALTORSFCU.org,
or connect with us on Facebook,
Twitter
or LinkedIn.

About Northwest Federal Credit Union

Northwest Federal Credit Union is a full-service financial institution
ranking among the largest credit unions in Virginia and in the top 50
credit unions in the nation. Established in 1947 and headquartered in
Herndon, Va., Northwest Federal is dedicated to providing financial
services and education to its members and the community. The Credit
Union currently serves more than 190,000 members and has assets in
excess of $3.1 billion. For more information, visit www.nwfcu.org
or connect with us on Facebook,
Twitter
or LinkedIn.