LoanStreet Inc. Helps Members 1st FCU Launch their Consumer Participation Program
Nov 14, 2018, 08:38 ET
NEW YORK, Nov.14, 2018 /PRNewswire/ -- LoanStreet Inc., the leading loan participation platform, welcomes Pennsylvania-based, and proud member of Vizo Financial Corporate Credit Union ("Vizo Financial"), Members 1st Federal Credit Union ("Members 1st") to its platform. "With the desire for a more well-balanced loan portfolio, we needed a scalable solution to enter the consumer indirect auto loan participation market. After a thorough review of all of our options, we're very excited to be partnering with LoanStreet to manage the on-going tracking and reporting for our consumer loan participation program," said Jessica Whitmyer, Members 1st, VP Finance & Controller.
"Participations are a critical part of our strategic growth plan and we needed a technology solution to scale our program so that we could partner with the best buyer or buyers at any time without increasing our administrative burdens," continued Whitmyer. "LoanStreet's technology was the ideal solution. It is easy-to-use and unique in its capacity to help scale our participation program at the highest level of reporting accuracy."
Tim Sustak, chief credit officer for Vizo Financial added, "The LoanStreet platform is unique in its ability to provide a loan participation marketplace that is accessible and scalable for all credit unions regardless of size and is able to support all facets of the loan participation transaction for our members, which is why we are proud to offer LoanStreet's loan participation platform to our members."
"We are very excited to have Members 1st as a partner and join our credit union network," said Ian Lampl, CEO of LoanStreet. "Members 1st is a large, sophisticated financial organization that understands the strategic value of harnessing technology to grow their business and manage their balance sheet. We look forward to working with Members 1st and Vizo Financial to meet their participation needs and more."
About Members 1st Federal Credit Union
Members 1st Federal Credit Union is a member-owned full-service financial institution located in southcentral Pennsylvania. Members 1st was founded in 1950. Today, it is rated a Superior 5-Start credit union by Bauer Financial and has assets over $4.1 billion providing banking services to more than 400,000+ members. Anyone who lives or works in Southcentral, Pennsylvania can benefit from Members 1st's value-added financial products, services, and solutions. For more information about Members 1st Federal Credit Union, visit www.members1st.org.
About LoanStreet Inc.
LoanStreet is the first fully-integrated, online platform that streamlines the process of sharing, managing, and originating loans for credit unions, banks, and alternative lenders. LoanStreet was founded in 2013 with the mission to create a more efficient, transparent, and robust way of administrating loans and connecting the lending market. LoanStreet's nationwide network of hundreds of financial institutions gives lenders the ability to profit and grow by combining technology and dedicated expertise to effectively manage the constraints of geography, size, or concentration limits. Hundreds of financial institutions now use LoanStreet's software solution to successfully do business with each other and maximize the potential of their respective organizations. LoanStreet was co-founded by Ian Lampl, former Deputy Chief Counsel for TARP, following the financial crisis to meet the acute need he saw for a standardized and automated loan participation platform. For more information or to join the LoanStreet network, please visit www.loan-street.com or email: [email protected].
About Vizo Financial Corporate Credit Union
Vizo Financial Corporate Credit Union's goal is to drive credit union success through proven EXCELLENCE, unmatched EXPERTISE and engaged PARTNERSHIPS. It is a state-chartered corporate credit union that serves CUSOs, leagues, chapters and more than 1,200 credit unions in the U.S. and Canada. Vizo Financial provides money management, payments, technology, risk management and people development solutions. For more information, please visit www.vfccu.org.
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SOURCE LoanStreet Inc.