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Credit Union Loan Source Reaches $100 Million in Serviced Assets
DULUTH, GA (June 30, 2006) – In just over a year after entering the indirect lending business, The Credit Union Loan Source, LLC, a Georgia-based credit union service organization, has reached the $100 million mark in serviced assets. That amount represents about 4,600 motor vehicle loans, according to Terry Meek, Indirect Lending Business Manager at CULS. CULS provides indirect financing of motor vehicles through over 450 dealerships in Georgia, Florida and Colorado. CULS partners with Aimbridge Indirect Lending out of Denver for technology and dealer relationship support. CULS has other states on the drawing board for the program. The company funded its first loan in mid April 2005. CULS funds vehicle loans and then packages participations in those loans for sale to NCB, FSB, a subsidiary of the National Cooperative Bank, which resells the loan participations to participating credit unions. CULS continues to service the loans for the participants. The CULS program provides participating credit unions with access to a broader base of business than would be possible through direct lending alone. CULS is owned in equal parts by Atlanta Postal Credit Union, Delta Community Credit Union, Georgia Telco Credit Union and the Georgia Credit Union Services, Corp.
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