LoanStreet Inc., the leading loan participation platform, welcomes Massachusetts-based Workers Credit Union to its network. LoanStreet provides technology that offers significant cost savings to credit unions by automating manual processes and providing access to its nationwide network of loan buyers and sellers.
“We turned to LoanStreet as an alternative funding source for our fast expanding loan operations. We simply had more loan demand than capacity on our balance sheet. LoanStreet’s deep network of credit unions quickly solved our needs,” said Tim Smith, CFO at Workers. “Ultimately, we ended up on-boarding our entire participation book onto LoanStreet’s platform. Once we saw the benefits of LoanStreet’s on-going reporting tools, we immediately decided to take full advantage of those services and moved decisively to automate all of our participation reporting.”
LoanStreet’s fully-integrated, online platform brings together a series of tools that help credit unions more effectively share and manage loans at scale. The technology automates the entire reporting process and provides a standardized, consolidated view of every transaction in a user’s portfolio — no matter how many different counterparties it may partner with. These powerful tools provide credit unions with the ability to track their loan portfolio performance with greater accuracy and less administrative overhead.
“Manual processing of participation reports is a deadweight on the credit union industry,” said Ian Lampl, CEO of LoanStreet. “Once credit unions become aware of LoanStreet’s ability to broaden their network while automating away wasteful and error-prone manual processes, the decision to move all of their participations to LoanStreet’s platform tends to be an immediate one. We allow them to more profitably manage and diversify their balance sheet — and free up valuable time to more effectively serve their members.”