Mid-States Launches Loan Participation Site
WARRENVILLE, Ill. - Mid-States wants to help match up credit unions for loan participation deals. The corporate has launched its Loan Exchange Program, a Web-based system that matches buyers and sellers of loan participations. The buyers and sellers remain anonymous on the site. When a bid is accepted, Mid-States links the buyer and seller together to complete the deal. Mid-States provides standard participation agreements to each party. There is no cost for credit unions to list loans or shop for loans. Georgia Central CU has a similar product for its members.