SIOUX FALLS, S.D., Jan. 26, 2016 /PRNewswire-USNewswire/ -- ReliaMax®, the nation's leading financial technology company insuring private student loans, today announced that Education Investment Company, LLC ("Ed-Invest") has purchased private student loan insurance from ReliaMax Surety Company on a $5.5 million private student loan portfolio.
"For nearly thirty years, Ed-Invest has been known for structuring creative solutions for its school and lender partners," said Steve Galvin, CEO of Ed-Invest. "Now with ReliaMax's potent set of products and services we have additional flexibility to create and present an even wider range of transactions."
The portfolio consists of over 300 medical school student loans. ReliaMax is providing full default prevention and insuring 100% of the principal and accrued interest of the portfolio. The insurance coverage provides complete, transferable coverage for the life of the loan.
"After a deep dive into the ReliaMax proprietary analytics on the portfolio, a thorough due diligence of us and our credit enhancement insurance, Ed-Invest saw the value that ReliaMax offers. The decision to insure the portfolio with ReliaMax as a trusted partner was key to the transaction," said Michael VanErdewyk, CEO of ReliaMax.
The private student loan market is heating up as lenders and investors are increasingly finding this asset class offers stable returns on quality assets that have minimal reputational or compliance risks, if done the right way with best-in-class partners.
The ReliaMax Solution includes origination, servicing, insurance and capital markets execution for credit unions, banks, marketplace lenders and investors. Value added services including program design, comprehensive underwriting, default prevention, claims payment, regulatory support, marketing and sales support, portfolio liquidity, and customer-focused servicing.
ReliaMax® is a transformative force in the financial technology industry that has helped over 450 lenders profitably deliver private student loans to their borrower clients. Based on its proprietary database of over $14 billion in private student loans and one million borrowers, ReliaMax offers banks, credit unions, alternative lenders and investors up to 100% loan loss protection with stable returns. The ReliaMax Solution delivers origination, servicing, insurance and capital markets execution. ReliaMax has insured over $2.5 billion in private student loans since 2009, helping over 100,000 borrowers finance their education and achieve their dreams. Learn more at ReliaMax.com.
ReliaMax® is a registered trademark of ReliaMax and/or its affiliates. Other names may be trademarks of their respective owners.