Jovia Financial Credit Union has launched a new credit union service organization (CUSO) to support credit unions and community banks seeking to manage and expand their commercial real estate lending services.
Jovia Commercial Lending LLC offers outsourced commercial underwriting, compliance and other back-office services to small banks, credit unions, commercial mortgage brokers and lenders that need a dedicated back-office team to manage, underwrite, originate and service commercial loan products, according to a Jovia statement.
“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 for Westbury-based Jovia, said in the 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.”
Jovia’s CUSO will offer commercial credit underwriting, pricing guidance, credit analysis,portfolio management and loan structuring,reviewing banking and credit history, third-party reports and providing risk rating recommendations.It 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. Services include collateral analysis based on current market conditions, stress testing and covenant compliance analysis, according to the statement.
Jovia will offer commercial loan origination services throughout the New York metropolitan area 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.
Jovia FCU, which has over 220,000 members, is a nonprofit financial institution with more than $4.4 billion in assets.
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