HARRISBURG, Pa. (7/30/13)--Member Business Financial Services LLC (MBFS), a Philadelphia-based credit union service organization, has reached the $200 million milestone for its loan servicing portfolio, the Pennsylvania Credit Union Association said.
MBFS provides loan servicing, portfolio management services, loan underwriting, coordination of loan participations and preparation of loan documents (Life is a Highway July 26).
Through June 30, MBFS closed 169 loans for $39.5 million this year for its 12 owner credit unions in Pennsylvania and Delaware. For the first half of 2013, underwriting business for MBFS increased 50%. Loan documentation services rose 27%.
MBFS funded its first loans in July 2008. By year-end 2012, about 20% of all credit union business loans in Pennsylvania and Delaware were held by MBFS-owner credit unions.