LoanStreet Inc., the leading loan participation platform, welcomes Pennsylvania-based, and proud member of Vizo Financial Corporate Credit Union (“Vizo Financial”), Members 1st Federal Credit Union (“Members 1st”) to its platform. “With the desire for a more well-balanced loan portfolio, we needed a scalable solution to enter the consumer indirect auto loan participation market. After a thorough review of all of our options, we're very excited to be partnering with LoanStreet to manage the on-going tracking and reporting for our consumer loan participation program,” said Jessica Whitmyer, Members 1st, VP Finance & Controller.
“Participations are a critical part of our strategic growth plan and we needed a technology solution to scale our program so that we could partner with the best buyer or buyers at any time without increasing our administrative burdens,” continued Whitmyer. “LoanStreet’s technology was the ideal solution. It is easy-to-use and unique in its capacity to help scale our participation program at the highest level of reporting accuracy.”
Tim Sustak, chief credit officer for Vizo Financial added, “The LoanStreet platform is unique in its ability to provide a loan participation marketplace that is accessible and scalable for all credit unions regardless of size and is able to support all facets of the loan participation transaction for our members, which is why we are proud to offer LoanStreet’s loan participation platform to our members.”
“We are very excited to have Members 1st as a partner and join our credit union network,” said Ian Lampl, CEO of LoanStreet. “Members 1st is a large, sophisticated financial organization that understands the strategic value of harnessing technology to grow their business and manage their balance sheet. We look forward to working with Members 1st and Vizo Financial to meet their participation needs and more.”