Loan Participations
Credit Union Loan Source (CULS), a partner of LEVERAGE, makes joining shared loan pools easy. CULS offers the chance for credit unions to improve their loan to share ratio and increase their revenue. Through their unique program, CULS has provided over $13 billion in assets to 170 credit unions across ten states. CULS’ 20 years of experience and expertise in the auto lending industry offers investing credit unions the chance to increase revenue by taking advantage of auto loan participations originated through a large dealer network across 26 states.
Loans are underwritten to a uniform set of guidelines for prime loans (640 FICO and above) and are designed to maximize yields while maintaining acceptable levels of credit risk and loss performance. CULS expertise, industry-leading technology and nimble culture offer an attractive option for participating credit unions to add profitable loan volume.
The advantages to those participating are clear:
Direct Drop Voicemail
Engage your members effortlessly with Direct Drop Voicemail (DDV) from Credit Union Loan Source. This innovative tool lets you send personalized messages straight to voicemail without disrupting their day. Perfect for loan updates, special promotions, or important announcements, it ensures your communication is timely, non-intrusive, and effective. Enhance member relationships, boost engagement, and drive results while showcasing your credit union’s commitment to convenience and care. With Direct Drop Voicemail, you can deliver impactful messages with ease—connecting with members like never before.
State chartered Credit Unions as well as banks can participate in CULS pools.
Each credit union is required to obtain regulatory approval from the NCUA and, depending on the state, may need to seek approval from their state regulator as well. The credit union may also need to take a formal vote to their Board.
The minimum monthly commitment amount is $250,000. We do require that investors sign a 6 month Commitment to Purchase and provide a 12 month Intent to Purchase.
We try to be as flexible as possible, we can make adjustments to commitments with 30 days’ notice prior to commencement of a pool.
CULS controls the entire lifecycle of the loan, from origination to serving and collections.
Loan pools are originated on a monthly basis. Each month, a pool closes and there is a settlement of all loans that were purchased that month.
There is a structured process by which each credit union is able to perform audits on each monthly pool. During the onboarding process, you will be given access to the Defi Loan Origination System as well as a file sharing site called ShareFile. ShareFile contains all of the reporting and information needed to conduct monthly audits.
Investment in CULS pools are carried as loans. They are recorded on the Participation Loan line on the credit union’s call report.
Resources include:
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