NEW YORK, Dec. 18, 2018 /PRNewswire/ -- LoanStreet Inc., the leading loan participation platform, welcomes Massachusetts-based Workers Credit Union to its network. LoanStreet provides technology that offers significant cost savings to credit unions by automating manual processes and providing access to its nationwide network of loan buyers and sellers.
"We turned to LoanStreet as an alternative funding source for our fast expanding loan operations. We simply had more loan demand than capacity on our balance sheet. LoanStreet's deep network of credit unions quickly solved our needs," said Tim Smith, CFO at Workers. "Ultimately, we ended up on-boarding our entire participation book onto LoanStreet's platform. Once we saw the benefits of LoanStreet's on-going reporting tools, we immediately decided to take full advantage of those services and moved decisively to automate all of our participation reporting."
LoanStreet's fully-integrated, online platform brings together a series of tools that help credit unions more effectively share and manage loans at scale. The technology automates the entire reporting process and provides a standardized, consolidated view of every transaction in a user's portfolio — no matter how many different counterparties it may partner with. These powerful tools provide credit unions with the ability to track their loan portfolio performance with greater accuracy and less administrative overhead.
"Manual processing of participation reports is a deadweight on the credit union industry," said Ian Lampl, CEO of LoanStreet. "Once credit unions become aware of LoanStreet's ability to broaden their network while automating away wasteful and error-prone manual processes, the decision to move all of their participations to LoanStreet's platform tends to be an immediate one. We allow them to more profitably manage and diversify their balance sheet — and free up valuable time to more effectively serve their members."
About Workers Credit Union
Our members — both long-time and brand-new — have chosen Workers for full banking services to meet a lifetime of financial needs. With a customer-first approach, Workers shows their members how to save money, while making banking easier and more convenient. Receiving their state charter in 1914, Workers has over 100 years of history, $1.8B in assets under management, over 101,000 members, and is one of the largest credit unions in Massachusetts. Workers is available for their customers no matter how they choose to interact by providing innovative financial services in-person at convenient locations across the state or via their highly rated mobile app. In addition to daily financial services, Workers offers retirement, and investment advisory services, as well as home, and auto insurance.
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 otherwise caused by 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 sharing platform. For more information or to join the LoanStreet network, please visit www.loan-street.com or email: [email protected].
SOURCE LoanStreet Inc.