Pennsylvania Credit Union Association
PCUA Launches Loan Trader
PENNSYLVANIA CREDIT UNION ASSOCIATION LAUNCHES LOAN TRADER TO CONNECT MBL BUYERS, SELLERS
HARRISBURG — The Pennsylvania Credit Union Association (PCUA) has launched Loan Trader – an online service that allows buyers and sellers of Member Business Loan (MBL) participations to connect and exchange information within a secure environment. Loan Trader will serve credit unions in the Mid-Atlantic region and will be live on October 28.
“As credit unions become more involved in member business lending, there is a need for credit unions to connect with one another,” said PCUA President/CEO Jim McCormack. “Some credit unions are bumping up against MBL caps, while others are seeking out quality loan participations; this product brings these parties together, demonstrating the credit union cooperative spirit.”
Loan Trader was developed with input from members of the PCUA Business Services Professional Group. As the result of regulatory limits, many members offer loans for sale, but were looking for ways to better exchange information between any potential buyer and seller; and find potential buyers of their MBLs to widen their marketplace. Loan Trader lists loans available for purchase by industry type, type and location of collateral, and other critical factors. Buyers may “shop” for participation loans fitting their own lending criteria.
NCUA requires that credit unions considering buying any loan participation perform their own due-diligence, and re-analyze the credit as if they were originating the loan. At the request of any potential buyer, sellers can release the data necessary for completion of this independent analysis. Loan Trader allows for this exchange of critical information in a secure environment with ease.
For additional information on Loan Trader, please contact Molly Snody, Director of Business Advisory Services, at 800-932-061, ext. 5209 or email@example.com.
To view an online tutorial about Loan Trader or learn more about other business services, visit www.pcua.coop.