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From the January-20, 2010 issue of Credit Union Times Magazine • Subscribe!
MBS Underwrites $1 Billion in Loans
Member Business Solutions LLC recently marked a milestone as it passed the $1 billion mark in underwritten 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.
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