The provider of customized student lending programs and the cuStudentLoans.org private student loan marketplace now serves the $360 million Sunmark FCU of Latham, N.Y., the $725 million Los Angeles FCU of Glendale, Calif., the $1.9 billion Travis CU of Vacaville, Calif., and the $302 million Commonwealth One FCU of Alexandria, Va., Fynanz said.
Fynanz built customized student lending programs for Sunmark FCU and Commonwealth One FCU, while Los Angeles FCU and Travis CU joined the cuStudentLoans.org program. Travis CU will also utilize Fynanz’ member referral program, which allows credit unions to refer members to fee-free, low interest rate private student loans offered by one of the vendor’s 22 referral partners.
“Fynanz’ customizable platform and their commitment to financial education to support their technology solution were key factors in choosing them as a partner,” said David Woodruff, vice president of lending for Commonwealth One FCU.
Added Frank DeGraw, executive vice president for Sunmark FCU, “Choosing Fynanz provided us the greatest flexibility in creating a program that made sense for both the credit union and its members.”
The vendor said it gained 30 credit union clients in early 2012 and surpassed the 180-partner mark in March 2012.
“Fynanz continues to rapidly grow and attract new lending partners to its platform, which now serves the student lending needs of credit unions totaling more than $40 billion in assets,” said Jim Merrill, senior vice president of sales for Fynanz.
“More and more credit unions nationally continue to recognize the value of this asset class in answering the call of delivering a quality, affordable higher education financing solution and leveraging Fynanz’s proprietary technology solution for delivery,” Merrill said.