Two long-time staffers with commercial loan underwriting CUSO Octant Business Services LLC have seen their roles changed.
Since its launch in 2005, the Littleton, Mass.-based CUSO's portfolio has grown to $173 million and more than 400 loans, said Bob Cipriani, president of Octant.
"In the current regulatory environment, there is no substitute for a loan servicing operation that adheres to business lending best practices in terms of efficiency and technology, along with traditional prudent lending tenets attained from decades of experience," Cipriani said.
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To keep up with the changes, Octant recently promoted two of the CUSO's original employees.
Quentin Lewis, an employee since December 2005, was promoted to senior vice president, operations, and will now be responsible for loan administration and servicing. He will continue to oversee all client training and manage the corporate website.
Kate Lungarini, with Octant since June 2005, was promoted to loan operations manager and will manage the daily operations of the loan servicing department, which include loan processing and closing, document preparation, portfolio administration and accounting.
Octant is owned by eight New England credit unions and Eastern Corporate Federal Credit Union.
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