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LendKey Adds 58 CUs, 13 Million Members In 2012

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NEW YORK (2/28/13)--LendKey (formerly Fynanz), a cloud-based lending solutions provider, added 58 credit union clients and 1.3 million credit union members in 2012 to its cloud-based loan origination and servicing platform.

LendKey is a CUNA Strategic Services provider and has more than 235 credit union partners that leverage its lending platform for private student loan and private student loan refinancing products.

To date, credit unions have refinanced more than $125 million in private student loan debt and have saved borrowers roughly $25 million in interest payments.

"In 2012 we helped our lending partners increase their access to qualified borrowers seeking fairly priced student loan products," said Vince Passione, LendKey CEO. "Our demand-generation services resulted in a 30% increase in school relationships for our lending clients and tripled the size of their reseller network."

LendKey's platform includes demand-generation services that help lenders build lending ecosystems and grow their portfolio while still mitigating risk.

cuStudentLoans, a credit union created and managed private student loan program, is LendKey's largest client, leveraging its cloud-based platform to gain market reach and mitigate risk through a loan participation program. More than 75% of the students borrowing through its private student loan program were credit union members in need of higher education financing, according to Alice Stevens, chairman of cuStudentLoans and chief operating officer of First Financial FCU in  Wall, N.J.

The program also helped recent graduates refinance and consolidate existing student loan debt. They generally face limited repayment options, and look to reduce the interest rate on their student loans.

"Millions of recent graduates are facing high-interest student loan debt that makes their financial lives difficult to manage," Stevens said. "Credit unions can continue to be their super heroes by helping them refinance their debt and provide other financial products to assist them with their money management."

TCI, eOriginal To Provide eSignatures, Contract Security To FIs

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BALTIMORE (2/28/13)--eOriginal Inc., a provider of electronic signatures, vaulted repository and electronic transaction management solutions, and Teledata Communications Inc. (TCI), which offers semi-customizable, cloud-based indirect-lending software for small and mid-size lenders, have partnered to deliver electronic signatures and electronic transaction-management capabilities to credit unions, finance companies and banks.

TCI provides a Web-based loan-origination solution, Decisionlender, used by more than 350 lenders in automating the underwriting process to finance automotive, home improvement, furniture, health care and more for consumers needing financing at the point of purchase.

According to the two companies, lenders using the joint solution:

  • Gain a competitive industry advantage--by improving image and reputation with an automated electronic-transaction process;
  • Improve member/customer experience--by using a secure, fast and simplified tool to apply electronic signatures, store and manage contracts throughout their lifespan;
  • Manage risk--with eOriginal's copy management within a user's electronic vault providing a secure way to manage electronically signed documents throughout their lifecycle; and
  • Reduce cost and time--eliminating costly printing and overnight delivery costs associated with paper loan packages and receiving a correctly completed loan package;
TCI allows eOriginal to access the indirect lending channel that TCI developed and to enable the electronic transaction platform to provide a secure environment for TCI lenders to manage all documents executed.

CUAnswers Teams With Help/Systems

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GRAND RAPIDS, Mich. (2/28/13)--CU*Answers, a West Michigan based data-processing credit union service organization, has partnered with Help/Systems LLC to develop automated processing routines for its online data processing solution and for its in-house processing partners and provider groups.

Help/Systems is provides software solutions for IBM Power Systems running IBM i with systems management, information technology security and business intelligence solutions for performance and reliability. The Help/Systems' Robot systems management suite offers tools for job scheduling, network monitoring, message management, and more.

The partners will make the tools available to in-house processing partners, with installation and configuration support, nightly process automation and system-resource monitoring.