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Realogy unit Cartus to launch military rewards program

Realogy Holdings Corp. unit Cartus Corp. will launch a military rewards program, effective Sept. 7, that will offer residential real estate brokerage services to U.S. military personnel, veterans and their families.

The real estate services provider said the new program will look to offer access to benefits similar to those offered under the existing USAA Real Estate Rewards Network program, which is being discontinued by the United Services Automobile Association.

Realogy expects the discontinuation of the program will likely have a material impact on earnings at Cartus in 2020 and will lead to a reduction in in-network home-sale deals for Realogy and its brands.

For the year ending Dec. 31, the company does not expect a material effect on its financial results due to the discontinuation.

Realogy shares closed 22.84% down at $4.73 on Aug. 29.