Member Business Financial Services Marks $200 Million Milestone
With an increase in underwriting and loan documentation services year-to-date, Member Business Financial Services said it has broken the $200 million mark in loan servicing.
The Philadelphia-based CUSO said through June 30, it closed 169 loans for $39.5 million for its 12 owner credit unions in Pennsylvania and Delaware.
For the first half of 2013, underwriting business for MBFS was up 50% and loan documentation services increased 27%, according to the CUSO.
“We have focused on technology issues and building strategic partners to enhance our service levels,” said MBFS CEO Mark Ritter. “We have actively worked with our owner credit unions to respond to the changing demands of the regulatory environment 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 July 2008, the CUSO said. By year-end 2012, 20% of all credit union business 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 pattern and we are actively pursuing both new owners and subscribers to complement our existing clients," he said.
"Our partner credit unions reap the benefits of providing business services at a much lower cost than they could on their own,” Ritter added.