RALEIGH, N.C.–Constellation Digital Partners, a platform designed to enable credit union and fintech collaboration, and LenderClose have announced LenderClose’s first certified service, also known as a tile, on the Constellation platform.
It marks the first tile to date on the Constellation platform that will provide access to commercial lending.
The certified tile is a commercial loan origination system that injects speed and efficiency into the lending process to greatly enhance the borrowing experience, Constellation Digital Partners said, adding the tile streamlines the application process for credit unions and credit union members by putting the loan application process at the fingertips of the commercial borrower.
Both Constellation and Des Moines, Iowa-based LenderClose are CUSOs.
Constellation said its digital platform is the first open platform for the development of online and mobile banking services and allows fintechs of all shapes and sizes to create discreet functions or services that credit unions can purchase and combine into a single seamless user experience. That ultimately allows the credit union to pursue a multithreaded digital strategy for the first time by sourcing their solution from many providers instead of just one, the company said. It added it also provides the connection for obtaining services, providing services with access to the core, and delivering those services in a cohesive approach.
“At LenderClose, we are very passionate about keeping lending local and emboldening credit unions with the same technology as their competitors. We know that credit unions’ lending competition is no longer limited by geography, so there are a lot of options for credit union business members to get their commercial loans,” said LenderClose Founder and CEO Omar Jordan in a statement. “What we’re aiming to do through our commercial lending service on the Constellation platform is to finally make it an integrated and seamless digital lending experience.”
Staying Relevant
According to the company, once the commercial lending tile is integrated into a credit union’s digital banking system, credit union members can apply through the commercial loan feature, furthering the ability to help credit unions stay relevant and offer end-to-end seamless e-lending solutions. Through the feature, application documents can be uploaded and maintained in one secure location, which has not been possible until now, Constellation added.
“Having a commercial loan origination service available on the platform will allow credit unions to streamline their processes,” said Constellation Founder and CEO Kris Kovacs. “In partnership with LenderClose, we will finally be able to provide credit unions with the opportunity to compete with larger organizations in the lending space. This is just the first step of an ongoing partnership we are forming and we’re really excited to work with the LenderClose team to create a long-term road map for future services to come.”