COLUMBUS, Ohio and EDINA, Minn. (1/9/12)--DataVerify, a provider of fraud and risk management solutions, and Prime Alliance Solutions Inc., a provider of mortgage lending solutions for credit unions, have partnered to offer DataVerify's enterprise-wide risk mitigation DRIVE platform.
As a result, client credit unions will have access to DataVerify's 4506T and SSA verification and identity, application and property verification services through Prime Alliance's Lending Suite.
The crux of DataVerify's technological advantage is its DRIVE platform--an enterprise-wide, loan-level data integrity and risk mitigation system that is fully customizable.
NEW YORK (1/9/12)--Newtek Business Services, The Small Business Authority, has completed the securitization and sale of an additional $20.5 million of non-guaranteed portions of U.S. Small Business Administration (SBA) small-business loans.
The Small Business Authority, Powered by Newtek, is a CUNA Strategic Services provider.
The transaction was made possible through an amendment to the securitization of $23 million in loans that closed in December 2010. The sale of the additional trust notes was handled by Guggenheim Securities, LLC, which advised Newtek.
Newtek has been active in small-business lending and, with the latest transaction, it will have completed the securitization of about $43.5 million of non-guaranteed portions of SBA small business loans within the past 12 months.
Standard and Poor's has rated the securitization trust notes as AA, based on the collateral in the entire, upsized pool.
DES MOINES, Iowa, and RANCHO CUCAMONGA, Calif. (1/9/12)--Credit union payments providers The Members Group (TMG) and CO-OP Financial Services have formed a strategic partnership, with CO-OP making a strategic investment in TMG.
TMG and CO-OP Financial Services will continue to offer products under their own brands, operate independently and work within their existing management structures. At the same time, both companies will cross-sell all of their respective products and services.
The alliance means the two companies serve more than 40% of U.S. credit unions and provide payment services to nearly 33 million cardholders.
TMG and CO-OP Financial Services both provide core payment products, including credit, debit, ATM, prepaid products and person-to-person (P2P) payment solutions. Both companies are credit union-owned.
TMG also brings to the alliance a suite of proprietary card-data solutions, including Springboard and ClearTrend; Dwolla, a P2P payment solution; and other services. Through collaborative relationships with its sister companies, TMG also can offer Hispanic market expertise and regulatory compliance products and solutions.
CO-OP Financial Services brings additional services, such as CO-OP Network, CO-OP Shared Branching and CO-OP Member Center for lending and member-service call center support.