NEW YORK, Sept. 19, 2011 /PRNewswire/ -- Fynanz, Inc., the financial technology company that develops customized private student lending solutions and powers the cuStudentLoans private student loan program, today announced the addition of Maroon Financial Credit Union (IL), ORNL Federal Credit Union (TN), Corning Credit Union (NY), Caltech Employees Federal Credit Union (CA), University First Federal Credit Union (UT) and Pioneer Federal Credit Union (ID), raising their total client list to over 150 partners who are leveraging their private student lending technology.
Maroon Financial Credit Union, a campus based credit union serving the University of Chicago, ORNL Federal Credit Union, a $1.3 billion credit union serving over 150,000 members across the state of Tennessee, Caltech Employees Federal Credit Union, a $1.0 billion credit union serving 30,000 members within the California Institute of Technology and its affiliate organizations, and Corning Credit Union, a $900 million credit union with presence in three states that serves 80,000 members all over the world, are the most recent credit union clients to build customized programs on the Fynanz platform. Fynanz solutions are tailored to the product and credit requirements of each individual credit union and its members.
"Fynanz' customized and loan participation programs, along with their developed member education programs, were factors in our choice of providers. While the program primarily benefits our very important Gen-Y members, this is an important program to serve all our members' ever increasing higher education financing needs," said Clay Kearley, VP of Consumer Lending at ORNL Federal Credit Union. "Choosing Fynanz' custom platform was the best choice to allow us to create a program to serve the employees and students at the California Institute of Technology," added Luisa Avila, VP Operations at Caltech Employees Federal Credit Union.
University First Federal Credit Union, a $560 million campus based credit union serving 80,000 members at the University of Utah and within Salt Lake County, and Pioneer Federal Credit Union, a $430 million credit union serving 30,000 members across 13 counties in Idaho, have become the latest credit union lending partners to join the cuStudentLoans program. The program, which has ballooned to over 125 participating credit unions, uses common underwriting and pricing and includes loan participation to enhance risk mitigation.
"The cuStudentLoans program instantly provided us with two new Gen-Y focused loan products through its private student loan and private student loan consolidation," said Paul Bargman, CEO of Pioneer Federal Credit Union. "Implementing our program was incredibly fast and easy," said Joseph Boekweg, VP Lending at University First Federal Credit Union, whose program was fully implemented and taking applications in less than a week after making their decision to join the cuStudentLoans program.
"In just six months Fynanz has increased its client base by 50% and total client assets by over $10 billion," said Jim Merrill SVP of Sales at Fynanz. "The speed of reaching this next milestone is a testament to our existing client base and credit unions nationwide understanding the need for a new asset class to drive member growth," continued Merrill.
Fynanz, Inc. is a leading technology provider of custom private student lending programs and solutions. Fynanz pioneered innovative technology that easily puts lenders into the private student lending business without the need to purchase or install any software. This end-to-end integrated solution includes complete origination, underwriting, servicing and marketing. Fynanz also powers cuStudentLoans, the leading private student lending program, and currently serves more than 150 credit unions across the country. For more information, call (800) 881-8985, or visit www.fynanz.com.
Christian Widhalm, Fynanz, Inc.
SOURCE Fynanz, Inc.