MBS Underwrites $1 Billion in Loans
The Tallahassee, Fla.-based business lending and services CUSO is jointly owned by Georgia Central Credit Union and Southeast Corporate Credit Union. Loans underwritten by MBS had an aggregate reportable delinquency rate of 0.64% versus 3.35% for credit unions nationally, the CUSO said.
MBS said it focused on encouraging its partners to fill their portfolios with amortizing secured term loans with a concentration on owner occupied real estate as well as global cash flow. As a result, CU partner portfolios have performed above the average, according to MBS. The CUSO has 60 partner CUs.