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.
GLASTONBURY, Conn. (10/13/08)--Seattle Metropolitan CU selected Open Solution’s The Complete Credit Union Solution: DNA for its information technology operations. “With this technology, we will be able to send much more targeted messaging to members in our efforts to provide relevant financial solutions when communicating with members through marketing and on the front line,” said Jill Vicente, Seattle Metropolitan chief marketing officer and vice president of planning. The Complete Credit Union Solution: DNA is built on a centralized Oracle relational database designed to be an open architecture application. The platform helps credit unions streamline both front- and back-office processes and creates a centralized view of members, employees and business partners. Seattle Metropolitan will also implement Open Solutions’ StreamLend Velocity, cView ReportWizard, Financial Accounting Suite and the Workload Automation Suite provided by alliance partner UC4 (formerly AppWorx). Seattle Metropolitan has $500 million in assets. Open Solutions is a core data processing applications provider for financial institutions, including credit unions.