WESTBURY, N.Y.– Jovia Financial Credit Union is launching a new CUSO, Jovia Commercial Lending LLC, to support credit unions and community banks seeking to manage and/or expand their commercial real estate lending services.
Jovia Commercial Lending will support multiple back-office functions for credit unions and financial institutions from across the nation, according to the $4.49-billion credit union.
In a statement, the credit union said building commercial lending operations have many complexities and take time and expertise to develop, and that small banks, credit unions, commercial mortgage brokers and lenders need a dedicated back-office team to manage, underwrite, originate and service commercial loan products.
‘Significant Investment’
“Underwriting a commercial loan requires significant investment in staff, technology, due diligence, and adherence to the respective state and federal regulatory requirements. This is often a challenge or even an impossibility for some institutions,” Casey Mauldin, chief revenue officer and chief lending officer of Jovia Financial Credit Union, said in a statement. “Our experienced team removes the obstacles and burdens while taking on these tasks, allowing clients to grow their portfolios and reduce expenses. By leveraging our dedicated infrastructure, credit unions and financial institutions have the opportunity to expand or build their commercial lending portfolios, stay on-budget, and accelerate underwriting, and properly manage their portfolio.”
The 223,000-member credit union said the new CUSO will offer commercial credit underwriting, pricing guidance, credit analysis, portfolio management, and loan structuring, and its team members will also provide annual credit reviews of current financial and credit information of commercial real estate loans in a portfolio to meet credit risk management requirements.
Other reviews include collateral analysis based on current market conditions, stress testing and covenant compliance analysis, the credit union added.
Services in NYC Metro Area
In the New York City Metropolitan area, Jovia said the CUSO will offer commercial loan origination services and will review, structure, underwrite and close the commercial loan lead generated for a financial institution in accordance with loan policy, underwriting guidelines and closing procedures.
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