NEW YORK —LoanStreet Inc., a loan participation platform, said Florida-based Achieva Credit Union has selected its platform.
According to the company, Achieva will use LoanStreet to manage its entire loan participation portfolio of roughly $75 million.
“What would have been a significant amount of work every month, extracting data from their core, running various calculations, tracking values and analyses month over month, and then distributing the information to participants, has become a single, simple data drop to LoanStreet,” LoanStreet said in a released statement.
Each month, LoanStreet said it automatically calculates and produces the most accurate and comprehensive reports, and distributes them to the $1.4-billion Achieva’s participants. The risk of manual processing errors is eliminated and the headache of administration is gone, it added.
“We're very excited to be working with LoanStreet,” said Cathy Marzetta of Achieva Credit Union. “We've been doing loan participations for many years and LoanStreet is by far the best product we've seen in the space. The reports are clear, concise and very detailed. The tools are easy to use. The team is hard working, responsive and genuinely cares about our feedback. We really feel like we have a partner in LoanStreet.”
“We're thrilled to have Achieva as part of our credit union network,” said Ian Lampl, CEO of LoanStreet, in a statement. “Achieva is a sophisticated organization that understands the value of harnessing technology to manage their business processes more efficiently. We look forward to working with them and Corporate America on other products as we continue to evolve and develop our platform.”