MIDDLETOWN, Pa. — Centennial Lending, LLC is the latest to become certified through CU BizSource, LLC to participate in the CU System Fund.
Longmont, Colo.-based CUSO Centennial Lending provides commercial lending servicing and administration as well as mortgages and construction loans. Centennial is now the 22nd CUSO or credit union to be certified.
Founded in 2005 by CUNA Mutual Group, CU System Fund was created to allow for the purchase of business loans from CUs and the sale of shares in them to other interested credit unions. It currently has a balance just over $40 million, made up of more than 50 loans purchased from certified credit unions and CUSOs, according to CU BizSource.
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Certification is granted to a credit union or CUSO in recognition of compliance with underwriting, analysis, documentation and monitoring standards of member business loans created by the best originators in the movement, said Mark Taber, president/CEO of CU BizSource.
"Centennial is another example of an organization that has made the investment in people and infrastructure to deliver sound business loans," Taber said. "Making the commitment to underwrite, document and service loans at a level to meet the system funds standards is not easy."
Taber said CU BizSource's mission is to promote robust member business lending standards and practices and to support the development of the fund and other secondary market opportunities for the credit union industry.
CU BizSource is a national MBL CUSO owned by CUNA Mutual's MEMBERS Development Co., a movement research and development entity.
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