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PCUA launches loan trader
HARRISBURG, Pa. (10/13/08)--The Pennsylvania Credit Union Association (PCUA) has launched Loan Trader--an online service that allows buyers and sellers of member business loans (MBLs) to connect and exchange information. Loan Trader will go live Oct. 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.” Loan Trader was developed with input from the PCUA Business Services Professional Group. It lists loans available for purchase by industry type, type and location of collateral and other factors. The National Credit Union Administration requires that credit unions considering purchasing 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 buyer, sellers can release the data necessary to complete the analysis. Loan Trader allows for the exchange of this critical information, PCUA said. To view an online tutorial about Loan Trader, use the link.
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