PLANO, Texas Catalyst Corporate FCU said it plans to roll out an agent loan participation program, now that NCUA has finalized its new regulations on participations.
Catalyst said the program will connect credit unions that want to sell loans with those that want to purchase an interest in a loan pool but will not participate in the loan package. 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 need be Catalyst members, although members will be given first priority on deals.
Jeff Hamilton, ran the loan participations program at WesCorp, is heading the Catalyst initiative. “Loan packages are comprised of consumer-type loans—auto loans and first mortgages—rather than commercial loans,” said Hamilton, vice president of lending for the corporate.
“We think Catalyst Corporate’s loan participation service is well-positioned to help credit unions cooperate in a way that ultimately helps all credit union members,” Hamilton said.
