CU Direct, an Ontario, Calif.-based developer of lending software technology for credit unions, on Tuesday announced a new partnership with Member Business Lending, a credit union service organization that provides CUs with commercial and small business lending origination and servicing.
MBL, which was established in 2004, said it has built a “strong reputation” with regulators and credit unions for its commercial lending and SBA lending expertise and efficiencies. MBL’s corporate office is located in Utah and it serves credit unions across the nation.
The two parties said their partnership will “deliver new lending solutions that help credit unions expand business lending market share.”
“The new collaborative agreement leverages the strengths of each company’s expertise to help credit unions expand market share and efficiencies of commercial and small business lending,” CU Direct and MBL said in a joint statement.
The partnership exemplifies the cooperative model of credit unions, the two parties said, adding the intention is to develop next-generation lending solutions that help credit unions gain a competitive marketplace advantage, drive more loans through the business lending channel and better serve their small business members.
Gordon Dames, MBL’s president and CEO, said, “This collaboration will afford credit unions of all sizes the ability to provide their members access to all types of business loans. And once businesses are in the door, that opens a wide variety of opportunities to increase member services.”
“We are excited about the new partnership between our two companies, and what it brings to our credit union partners,” said Bob Child, CU Direct’s COO. “The collaboration with MBL provides unparalleled opportunities for the innovation of lending technology that helps credit unions gain a leadership position in the small business and commercial loan marketplace.”
CU Direct said more than 1,100 credit unions rely on its solutions to generate loans, create efficiencies and grow membership, including the CUDL auto lending platform, the Lending 360 Loan Origination System and Lending Insights, a provider of analytic tools. The company says it has helped credit unions fund $211 billion in loans over its 20 years.