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Products

Fynanz rebrands as LendKey with cloud platform

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NEW YORK (2/4/13)--Private student lender Fynanz has rebranded itself as LendKey and converted to a cloud-based lending platform to expand the lending services it offers.

LendKey, formerly known as Fynanz, now offers student lending, automobile and home improvement loans through a cloud-based platform. Its lending services now include underwriting, origination, participation and servicing. (Photo provided by LendKey)
Fynanz is a CUNA Strategic Services provider.

LendKey now offers student lending, and automobile and home improvement loans. Its lending services now include underwriting, origination, participation and servicing.

"A cloud-based lending platform like LendKey can enable lenders to reduce their capital and operational expenditures as they continue to lend and expand into other lending products," said  Vince Passione, LendKey founder and CEO.

LendKey's cloud-based lending allows credit unions to set up a full-scale, fully compliant lending operation within weeks. The loan components it offers, include:

  • Credit decisioning--determining whether an applicant is a good risk;
  • Origination--gathering key borrower information;
  • Participation--sharing and trading loans to spread risk;
  • Servicing--collecting payments; and
  • Demand generation--marketing and growing the portfolio.
LendKey also announced it closed out 2012 by adding seven new clients in December, bringing the company's client total to 232.

UNFCU Financial Services acquires Industrial Coverage Corp

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LONG ISLAND, N.Y. (2/4/13)--UNFCU Financial Services LLC, the credit union service organization for the United Nations FCU, has acquired Industrial Coverage Corp. (ICC), a privately held, full-service commercial and personal-insurance agency.

ICC, based in Patchogue, Long Island, will continue to operate under the Industrial Coverage Corp. name, serving its existing and new clients directly.

UNFCU Financial Services LLC will have access to insurance carriers and products for personal insurance and comprehensive business insurance, an ICC specialty area and one UNFCU Financial Services LLC said it will enter.

Among the types of coverage ICC offers are auto and property insurance for businesses with business income interruption, general liability, property of others and crime insurance included in its suite of business owners' policies.

The full integration of the two organizations will be completed within the next 30 days.