Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
St. Louis treasurer taps #creditunion to serve unbanked #NewsNow http://t.co/lWtcezJOej
14 hours ago
.@CUNAMutualGroup has committed $35K to @trustdotcoop over the next year to suppor the future of #creditunions.
15 hours ago
.@madison_mag gets the cooperative scoop from @SummitDoMore's @kimsponem http://t.co/RxSCeSegie
15 hours ago
.@VantageWestCU emeritus chairman Whittaker inducted into @DCUC_HQ Hall of Fame http://t.co/dpeP4ME49U
17 hours ago
Australian newspaper covers Gen Y tips from @ServusCU at @WOCCU conference http://t.co/xqmLfZVwaI
17 hours ago