With an increase in underwriting and loan documentation servicesyear-to-date, Member Business Financial Services said it has broken the $200million mark in loan servicing.
|The Philadelphia-based CUSO said through June 30, it closed 169loans for $39.5 million for its 12 owner credit unions inPennsylvania and Delaware.
|For the first half of 2013, underwriting business for MBFS wasup 50% and loan documentation services increased 27%, according tothe CUSO.
|“We have focused on technology issues and building strategicpartners to enhance our service levels,” said MBFS CEO Mark Ritter. “We have actively worked with our owner creditunions to respond to the changing demands of the regulatoryenvironment and competitive landscape.”
|MBFS provides loan servicing, portfolio management services,loan underwriting, coordination of loan participations and preparation of loan documents.
|It has been five years since MBFS funded its first loan in July2008, the CUSO said. By year-end 2012, 20% of all credit unionbusiness loans in Pennsylvania and Delaware were held by MBFS'owner credit unions.
|Ritter sees that growth accelerating well into the future.
|“We are well-positioned to continue our steady growth patternand we are actively pursuing both new owners and subscribers tocomplement our existing clients,” he said.
|“Our partner credit unions reap the benefits of providingbusiness services at a much lower cost than they could on theirown,” Ritter added.
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