Through a newly announced LEVERAGE partnership with LendKey, the leading lending-as-a-service provider to more than 285 financial institutions, credit unions have easier access to prime consumer loan participations. Focused on the $300 billion home improvement market, credit unions can gain access to loans made to prime homeowner borrowers and benefit from multiple tactics to further mitigate risk.
LendKey’s unique solution allows lenders access to participation loans on a recurring basis, which minimizes on-going diligence and maximizes access to new loan volume. Lenders benefit from fractional ownership in loans, which broadens their portfolio and enhances risk mitigation.
“We are pleased to introduce credit unions to this turnkey loan participation program that provides credit union access to high-quality loans with a strong focus on risk mitigation,” said Steve Willis, SVP/COO of LEVERAGE. “This solution can make a tremendous impact on the bottom line with a trusted partner to ensure this is a solid investment in the future.”
Its newest program focusing on home improvements launched in early 2017. To-date, LendKey has helped credit union and bank partners disburse more than $1.7 billion to prime borrowers.
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