Irondale, AL - (July 7, 2016) More than likely your credit union fits into one of two categories: “Need More Loans” or “Need More Liquidity.” Whatever your situation, Corporate America Credit Union has a solution. Recently, CACU partnered with LoanStreet LLC, a new online automated platform allowing buyers and sellers to complete the loan participation process in a matter of seconds from the convenience of their computer or laptop. Corporate America is now offering its nearly 500 members access to LoanStreet, giving them quick and easy access to the loans or liquidity they may need.
In May 2016, Texas-based Prestige Community Credit Union was Corporate America’s first member to complete a loan participation using LoanStreet. CEO Sammy Shanafelt used the platform to improve ALM risk at his credit union while also creating a liquidity solution. “LoanStreet’s web platform is top notch. It allows you to view the details of each loan sold, the servicing fees for each loan, and gives easy access to upload information about a particular loan or the overall loan portfolio,” Shanafelt said.
Shanafelt says without a doubt he will continue to use LoanStreet in the future. “LoanStreet just simplifies the loan participation process. From finding a loan participation buyer to facilitating the loan sale, and providing an easy solution to send and process monthly principal and interest payments to the buyers of loans, a relatively complicated process is greatly simplified.”
LoanStreet CEO Ian Lampl says he has a passion for helping financial institutions, but more importantly helping them with the proper technology. “Without technology credit unions would continue to face mounting concentration issues and the inability to earn sufficient income to serve their members. For us, loan participations are one small part of the overall picture to creating a healthy financial system.”