Magnifi Financial, a full-service community credit union offering retail and commercial banking and wealth management services, launched Ultum Group, a new credit union service organization (CUSO). The CUSO provides premiere end-to-end commercial and small business administration (SBA) lending services to financial institutions in Minnesota and throughout the United States.
“Our goal is to support and drive the success of financial institutions in the commercial and SBA lending space,” Theresa Tschumperlin, CEO of Ultum Group, said. “We recognize the individuality of each financial institution and their balance sheet composition, internal staffing, goals and strategic vision for the future – and we want to help them grow.”
Partnering with Ultum Group gives financial institutions the opportunity to enter, scale and succeed in the commercial and SBA space with white-labeled products and services. Organizations are freed from having to invest heavily in human capital and technology, instead relying on the expertise, infrastructure and experience of Ultum Group.
Ultum Group offers a full suite of services necessary to manage the life cycle of business loan relationships, specializing in many areas of commercial lending including agricultural, CRE, C&I, SBA, USDA and FSA. The company provides commercial lending products and solutions to help financial institutions grow and diversify their loan portfolios, including:
- Commercial loan policy creation
- Loan underwriting
- Commercial document preparation
- Loan origination
- Loan servicing
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“We are focused on cultivating partnerships that support each organization’s unique needs. Our services can be utilized as needed, or we can provide end-to-end solutions – freeing our clients to focus on what they do best: building and maintaining their commercial relationships,” Tschumperlin said.
“Magnifi has a long history of success and a proven track record in the commercial lending space,” Charles Friederichs, CEO of Magnifi, said. “With marketplace competition, pricing pressures and operating costs increasing, financial institutions are being forced to look at additional revenue streams to sustain themselves. We launched Ultum Group to share our expertise and experience, and to meet the clear and growing demand from financial institutions for commercial and SBA lending. This gives them an avenue to grow their membership base while earning added income.”
