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• W315757007 abstract "Funding was identified as a major challenge for community banks in the ABA/ABA Banking Journal Community Bank Competitiveness Survey earlier this year. This is the first in an ongoing series of articles exploring funding alternatives for community banks. Credit scoring of small-business loans has had a downside for community banks: largerbanks use scoring to launch national or regional branchless small-business lending programs. But now it may have an upside too. Improvements in credit scoring are playing a part in moving banks' participation in non-SBA loan securitization beyond the beachhead. So are some recent regulatory changes. A secondary market for the guaranteed portion of SBA loans has been around for some time. However, until recently, securitization of the nonguaranteed portion of SBA loans (by banks, that is) and the securitization of conventional small business loans has been stymied. The promise, for players who get involved, is increased liquidity for their portfolios and a new source for funding loan demand particularly at a time when deposit growth at many community banks has been lagging loan growth. Enter About a year ago CFI ProServices and TIS Financial Services, Inc., announced formation of Loan Origination Management and Exchange Corp., or, Lori Mae, created to buy conventional small business loans from community banks. Originally designed for new loans, the conduit can also take seasoned loans as well. The loans would in turn be packaged for resale as securitizations. CFI, a financial software vendor based in Portland, Ore., and TIS, a securitization specialist in San Francisco, own Lori Mae 50-50. As of March, the new firm was still in the talking stages with lenders, and was running its program by the debt-rating agencies. Standardization has long been a challenge for those who would securitize business loans. Unlike home mortgages, which often are quite similar, commercial loans can be very diverse, particularly when they come from different lenders with different standards and differing documentation. One way Lori Mae hopes to meet that challenge is to impose a degree of standardization on the process, according to Tom Sidley, chief operating officer. Among its steps is exclusive use of OFI's LaserPro documentation software- more than 3,000 banks currently use it-as well as use of Fair, Isaac's credit scoring. Lori Mae is hoping to launch with the 15 community bank lenders that have already signed up and expects to start its full program in June 1998. It will purchase conventional secured loans and revolving credit lines, with the selling banks retaining a subordinated interest of 10% to 20% of the loan pools sold. Once a bank sells its initial pool to Lori Mae, the intent is for it to be able to sell further loans into securitizations as few as one at a time. Selling banks receive part of the spread, a servicing lee, and an incentive to keep loss rates below expectations. Sidley doesn't see Len Mae as a panacea. For instance, he expects the program, geared toward standardization, will not be suitable for customized loans. Further, Lori Mae believes a lender participating in its program must be able to commit to annual origination's of $5 million or more. …" @default.
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• W315757007 date "1998-04-01" @default.
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• W315757007 title "Is Securitization the Answer to Loan Funding" @default.
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