PLANO, Texas-Catalyst Corporate FCU announced it will roll out an agent loan participation program in the next few weeks that will connect credit unions that want to sell loans with those that want to purchase an interest in a loan pool. Information on loan pools for sale will be posted on the Catalyst website and the corporate will provide detailed review packages to prospective buyers. Neither buyers or sellers will have to be Catalyst members, although members will be given first priority on deals.
The program will be overseen by a new chief lending officer, Jeff Hamilton, who spent 13 years at WesCorp FCU, including three as vice president of research and lending, managing WesCorp's participation program. Hamilton succeeds Pam Hensley, who retired in December, after 19 years with Catalyst and its predecessor Southwest Corporate FCU.
Catalyst also said it slashed the rates on its loans by 25 basis points to 30 bps. For example, a six-month term loan rate dropped to 0.57%, from 0.87%. "Although many credit unions have positive liquidity positions right now, out lower rates will make it less costly for those members who do need to borrow," said Hamilton.
