NEW YORK (6/6/12)--Private student loan provider Fynanz Inc. announced Tuesday it had hit the 200 milestone in number of total client credit unions that leverage its private student lending technology.
Fynanz, a strategic alliance provider of CUNA Strategic Services, powers the custudentloans.org website.
New additions to the provider include Sunmark FCU, Latham, N.Y.; Los Angeles FCU (LAFCU); Travis CU, Vacaville, Calif.; and CommonWealth One FCU, Alexandria,Va.
CommonWealth One and Sunmark built customized private student lending programs using the Fynanz platform, which tailors the product and credit requirements for each individual credit union and its members.
LAFCU and Travis CU joined the cuStudentLoans program. LAFCU joined the program as a full lending and participation partner. Travis joined the member referral program, which allows credit unions to refer members to the credit union service organization-managed network, giving members access to a no-fee and low-interest-rate private student loan. The program has grown to 145 credit union referral partners. It employs common underwriting and pricing, and includes loan participation to mitigate risks.
"Fynanz continues to rapidly grow and attract new lending partners to its platform, which now serves the student lending needs of credit unions totaling over $40 billion in assets," said Jim Merrill, senior vice president of sales at Fynanz.