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.