PLANO, Texas–Catalyst Corporate has launched a new automated loan participation exchange platform it said is designed to efficiently bring together credit unions wanting to sell loan pools with a nationwide audience of credit union buyers.
Catalyst said the Loan Participation Exchange, known as LPX, is a user-friendly platform built on Catalyst Corporate’s five-plus years of experience serving the loan participation market and settling more than $3 billion in participations.
“The LPX platform, which provides a simple and intuitive experience built around transparency, facilitates selling and buying loan pools and offers reporting and remittance functions,” Catalyst Corporate said. “LPX has flexibility to offer customized deals to specific credit unions or to the entire network. It also allows credit unions to view all due diligence information online within the site and offers a clear view of an extensive array of loan stratifications.”
Credit unions can even sign up to be notified via text when new loan pools are available, it added.
‘Industry Developed Solution’
“Simply put, the Loan Participation Exchange is an industry-developed solution that is exclusively focused on serving credit unions,” said Jeff Hamilton, Catalyst Corporate’s vice president of member credit.
According to Catalyst, a key aspect of the loan participation program is that all the funds stay within the credit union industry. “We believe this helps strengthen the credit union industry, while providing bottom line assistance to individual credit unions,” Hamilton said.
Catalyst Corporate said LPX is the latest innovation in its successful loan participation program that was launched in 2014, shortly after NCUA issued guidance on credit union loan participations. Leading up to the launch of its new LPX service, Catalyst Corporate said it built an extensive network of credit union buyers and sellers.
“Nearly 200 credit unions have bought and sold loan participations since the initial program was established,” Hamilton said.
For info: https://lpexchange.org/