The cuStudentLoans program provides a seamless approach for offering a private student lending option to our existing members while attracting new GenY members into the credit union
New York, NY (PRWEB) February 28, 2011
Fynanz, Inc., the financial technology company that develops customized private student lending solutions and powers the cuStudentLoans private student loan program, today announced they have exceeded 100 credit unions utilizing their private student lending platform, with the addition of New Mexico Educators Federal Credit Union, Black Hills Federal Credit Union, and Dow Chemical Employees’ Credit Union as their newest lending partners.
New Mexico Educators FCU, a $1.0 billion credit union with 16 branches in the Albuquerque area, and Black Hills Federal Credit Union, a $900 million credit union and the largest in South Dakota, have become the latest credit union lending partners in Fynanz’ cuStudentLoans program. The program, which is managed and designed by participating credit unions using common underwriting and pricing, includes loan participations to enhance risk mitigation. Since its inception, the cuStudentLoans program has attracted nearly 5,000 new members for credit unions nationwide.
“The cuStudentLoans program provides a seamless approach for offering a private student lending option to our existing members while attracting new GenY members into the credit union,” said DeeAnn Dietrich, VP of Consumer Loans and Member Services for Black Hills FCU. “The participation of loans across the network of lenders helps decrease our total exposure, and ultimately provides a very economic loan to our member borrowers.”
Dow Chemical Employee’s Credit Union, a $1.3 billion credit union serving over 55,000 members, has partnered with Fynanz to create their own private student lending program. The customized solution, which is tailored to the needs of DCECU’s product and credit requirements for its members, is the 20th credit union partner to solicit Fynanz for a custom program.
“The achievement of 100 credit union clients and the addition of the three latest market leading credit unions represent a significant milestone for Fynanz,” said Vince Passione, CEO and Founder of Fynanz. “We appreciate the confidence our credit union clients have placed in our programs and look forward to continuing to develop unique solutions for their members,” continued Passione.
Fynanz, Inc. is a leading technology provider of custom private student lending programs and turn-key solutions. Fynanz pioneered innovative technology that easily puts lenders into the private student lending business without the need to purchase or install any software. This end-to-end integrated solution includes complete origination, underwriting, servicing and marketing. Fynanz also powers cuStudentLoans.org, the leading private student lending marketplace, and currently serves more than 100 credit unions across the country. For more information, call (800) 881-8985, or visit http://www.fynanz.com .
Christian Widhalm, Fynanz, Inc.