Lending Solutions Inc. said it has processed its five millionth loan application. The Elgin, Ill., company said the milestone application was processed on Monday for the $77 million Wichita Federal Credit Union.
The Kansas credit union has been a client since 2007, LSI said. The company began processing loans by phone in 1995, the same year its founder, former Baxter Credit Union CEO Rex Johnson, opened his University of Lending.
LSI has since expanded into online lending, indirect underwriting, mortgage operations, collections, outbound services, disaster recovery and complete member service transactions.
LSI opened a 20,000-square-foot contact center in Naperville, Ill., in 2012 and now employs more than 420 people there and at its Elgin center, the company said. The company recently established an employee stock ownership plan.
LSI said it now provides 24-hour service to more than 300 credit unions, banks and mortgage companies.
“Five million loan applications is a huge milestone for LSI,” CEO Lee Kolquist said in the company’s announcement. “Thank you to all of our credit union clients for the trust you’ve placed in us over the years in serving your members as your 24/7 branch.”