This is a significant new initiative for Midland's government services group
Washington, D.C., (PRWEB) March 8, 2007 -
Midland Loan Services, Inc., a member of The PNC Financial Services Group, Inc., announced today that the Overseas Private Investment Corporation (OPIC), an agency of the U.S. government, has retained its government services division to provide loan and asset management, and other credit support services to OPIC's growing portfolio.
OPIC helps U.S. businesses invest overseas, fostering economic growth in developing countries and emerging markets by providing financing through direct loans and loan guaranties to eligible investment projects. Over the past four years, OPIC has successfully expanded its program to provide financial support for small and medium U.S. companies seeking to invest in developing markets. The rapid growth of this program has led OPIC to seek additional resources to provide loan administration and surveillance for these clients.
Under the contract with OPIC, Midland will provide services for a portfolio of approximately 52 direct loans and investment guarantees exceeding $1 billion. Midland's responsibilities include covenant compliance, disbursement request processing, financial statement analysis, portfolio management and surveillance, risk ratings analyses and annual loan reviews.
Midland currently performs payment processing, loan administration, accounting and other servicing activities for the U.S. Agency for International Development (USAID) and the Federal Highway Administration (FHA) portfolios, exceeding $23 billion in balances.
"This is a significant new initiative for Midland's government services group," said Stacey Berger, Midland executive vice president. "OPIC is a key resource for U.S. businesses around the world. Midland's expertise in loan servicing, technology and experience with both public and private-sector companies will enable OPIC to better serve its business customers."
Midland Loan Services (http://www.midlandls.com), a member of The PNC Financial Services Group, Inc. (NYSE: PNC), is a leading third-party provider of servicing, asset management and technology solutions for the commercial real estate finance industry. Midland is the only company with the highest primary, master and special servicer ratings in the U.S. from both Fitch Ratings and Standard & Poor's.