Along with a new name, LendKey said it added 58 credit unionsrepresenting 1.3 million members to its client list for studentlending services in 2012.
|The New York-based, recently renamed from Fynanz, said there noware more than 235 credit unions using its cloud-based loan origination and servicing platform.
|Growth was driven by marketing the existing membership base oflending partners and through school relationships and resellerpartnerships, the company said.
|“Our demand-generation services resulted in a 30% increase inschool relationships for our lending clients and tripled the sizeof their reseller network,” said LendKey CEO Vince Passione.
|The company said its client credit unions refinanced more than$125 million in private student loan debt since its creation three years ago,saving more than $25 million in interest payments.
|cuStudentLoans, a private student lending network of more than150 credit unions, is LendKey's largest client.
|“Millions of recent graduates are facing high interest studentloan debt that makes their financial lives difficult to manage,”said Alice Stevens, chief operating officer at the $192 millionFirst Financial FCU in Wall Township, N.J., and chairman ofcuStudentLoans.
|“Credit unions can continue to be their super heroes by helpingthem refinance their debt and provide other financial products toassist them with their money management,” Stevens said.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
- Exclusive discounts on ALM and CU Times events.
- Access to other award-winning ALM websites including Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
