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
Speeches by @billcheney, @RepMikePompeo only part of @TheKCUA's annual meeting http://t.co/KTuun9yaLX
32 minutes ago
The Mass. #CreditUnion League Wednesday held a Q&A session with Mass. Banking Commissioner David Cotney.
2 hours ago
Stay tuned for News Now as technical difficulties are addressed.
5 hours ago
Looking for a summer vacation savings account? @GOBankingRates has a #creditunion for you. http://t.co/PCCifO7q62
5 hours ago
.@wichitaeagle highlights #MidAmerican #CreditUnion in Wichita and how it focuses on members w/a personal touch http://t.co/Ut3oUWUCkl
5 hours ago