Philadelphia-based Member Business Financial Services, LLC (MBFS) is riding the momentum of increased business in 2017to break the $500,000,000 mark for loan servicing.
“We have focused on technology issues and building strategic partners to enhance our service levels,” says MBFS CEO Mark C. Ritter. “We have actively worked with our owner credit unions to respond to the changing demands of the regulatory environment and competitive landscape.”
MBFS provides loan servicing, portfolio management services, loan underwriting, coordination of loan participations and preparation of loan documents.
It has been five years since MBFS funded its first loans in July, 2008. By year-end 2012, 20% of all credit union business loans in Pennsylvania and Delaware were held by MBFS owner credit unions. For the future, Ritter sees that growth accelerating.
"We are well-positioned to continue our steady growth pattern and we are actively pursuing both new owners and subscribers to complement our existing clients," he says. "Our partner credit unions reap the benefits of providing business services at a much lower cost than they could on their own."
MBFS is a Credit Union Service Organization (CUSO) owned by American Heritage Federal Credit Union, American Spirit Federal Credit Union, Choice One Community Federal Credit Union, Discovery Federal Credit Union, Eagle One Federal Credit Union, P&G Mahoopany Employees Federal Credit Union, Penn East Federal Credit Union, People First Federal Credit Union, Service 1st Federal Credit Union, Tobyhanna Army Depot Federal Credit Union and Viriva Community Credit Union.