Aimbridge Indirect Lending, Credit Union Loan Source Enter into Unique Partnership

DENVER – In what they’re describing as a unique relationship designed to share indirect loan originations and participations to reduce risk, Aimbridge Indirect Lending and The Credit Union Loan Source LLC have sealed an agreement that not only entails Aimbridge offering indirect lending services to CULS credit unions, but for the two companies to consolidate the origination, underwriting and servicing aspects of indirect lending. Under the agreement, the CU owners of CULS – a Georgia-based CUSO owned by Delta Employees CU, Georgia Telco CU and Atlanta Postal CU, and the Georgia Credit Union Services Corp. – will purchase participations in the loans originated. This will spread the risk of the loans proportionately among the investor CUs. Servicing will be handled at the CUSO including billing, payments posting, collections, communications, repossession and dispossession. CULS says Aimbridge’s technology supports its structure and allows the CUSO to handle the loans and produce reports and analyses on origination that keep the program flexible and management able to respond to changes.