Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Products
Newtek Hits $1B Milestone In Servicing
NEW YORK (11/1/13)--Newtek Business Services Inc., The Small Business Authority, has exceeded the $1 billion milestone in its loan serving portfolio.
 
Newtek Business Services is a CUNA Strategic Services provider.
 
The $1 billion milestone was achieved when Newtek subsidiary and Small Business Administration-licensed 7(a) non-bank lender, Newtek Small Business Finance Inc., was selected to service a $400 million portfolio of SBA 7(a) loans for a large institutional client.
 
The servicing has transferred and is currently part of Newtek's loan servicing portfolio.
 
The milestone is "a level that not only represents a milestone in the company's operating history, but also exceeds our previously stated expectation, of at least $700 million for 2013, by a meaningful margin," said Barry Sloane, Newtek Business Services chairman, president and CEO. 
 
"Our ability to add this $400 million in loan servicing further demonstrates our industry-recognized expertise as a Standard and Poor's select-rated small-balance commercial loan servicer," Sloane added.
 
Newtek expects to grow the loan servicing aspect of its business across all 50 states through a combination of organic growth in loan origination volume and disciplined acquisition of third-party loan servicing opportunities, Sloane said. The company will update its servicing portfolio guidance for 2013, based on the recent addition of $400 million in loan servicing, and issue new guidance for 2014.
RSS





print
News Now LiveWire
Watching #SuperBowlXLIX this Sunday? Look for regional #creditunion #commercials @CltMetroCU @BECU @golden1cu #Seahawks #Patriots
16 hours ago
Philadelphia's American Bakery Workers FCU liquidated by @TheNCUA; @trumarkonline assumes shares
17 hours ago
More branch shutterings by @Citi: 4th-largest bank to close 10% of #Chicago area branches HT @CrainsChicago http://t.co/2vAvgucLY5
18 hours ago
56% struggle with subprime credit scores says @cfed survey HT @washingtonpost http://t.co/RHmMvuhNtw
18 hours ago
How to use social media for crisis communications Feb. 10 webinar from @SBAgov, @AgilityRecovery http://t.co/d16t8RHr7n
19 hours ago