LendKey’s platform provided us the flexibility to create a product that will make sense for both our members and the credit union
New York, NY (PRWEB) January 13, 2014
LendKey, the cloud-based lending technology company located in New York City, today announced the addition of eight (8) new lending clients in the month of December, raising the total list of clients utilizing its private student loan and private student loan refinancing platform to 275 financial institutions.
Summit Credit Union, a $1.9 billion credit union serving more than 130,000 members and located in Madison, Wisconsin, is one of the most recent credit union clients to commit to building a customized private student lending program utilizing the LendKey platform. The customized program will allow Summit Credit Union to tailor the product, including pricing and credit requirements, to the needs of its members.
“The costs of college continue to rise and our members, like most of the country, face challenges in financing higher-education both before and after graduation,” said Dan Milbrandt, Chief Lending Officer at Summit Credit Union. “LendKey’s platform provided us the flexibility to create a product that will make sense for both our members and the credit union.”
Belvoir Federal Credit Union, a $300 million credit union serving the Fort Belvoir community in Northern Virginia, is one of the recent additions to the cuStudentLoans program. The program, which is also powered by LendKey, has grown to over 150 credit union lending partners and has originated in excess of $400 million in student lending products to Gen-Y consumers nationwide. The program uses common underwriting and pricing in its private student loan and private student loan consolidation products, which uses a participation network to help further enhance risk mitigation.
“Joining the cuStudentLoans program allows our members to immediately access two quality student lending products,” said Tisha Wallace, Chief Operations Officer at Belvoir Federal Credit Union. “We look forward to this joint partnership and what it can provide our members.”
“LendKey continues to expand its client base and now serves financial institutions totaling more than $65 billion in assets and serving over 5 million existing customers,” said Jim Merrill, SVP of Sales at LendKey. “There is a significant market opportunity for financial institutions that are interested in attracting lifelong Gen-Y customers through fairly priced student lending products. LendKey is pleased to continue to help power these solutions and assist in building these new and existing customer relationships.”
LendKey, located in New York and Ohio, offers cloud-based technology to provide the essential infrastructure for any party to quickly, securely, efficiently, and profitably lend to anyone else – from those offering loans directly to those structuring new types of loans. LendKey's lending solutions to credit unions and banks nationwide primarily provide loans pertaining to students, solar or energy-efficiency efforts. For more information, visit http://www.lendkey.com.