HARRISBURG, Penn.–The Pennsylvania Credit Union Association and LoanStreet have partnered to provide a broad loan participation platform for Pennsylvania credit unions to invest in new loan opportunities, according to the PCUA.
“LoanStreet’s online platform automates and standardizes loan participations from origination to maturity enabling lenders and investors to buy, sell, and manage loans directly on LoanStreet,” the PCUA said.
It added that Pennsylvania credit unions of all sizes can now make more and larger loans with a reduced risk to their bottom lines, while CUs struggling to put performing assets on their books now have access to a choice of consumer and commercial loans that fit their risk profile and can produce the desired yield.
“We are pleased to announce this new partnership,” said Patrick Conway president and CEO of PCUA. “Our partnership with LoanStreet allows us to provide the most innovative tools and technology to help Pennsylvania credit unions to buy and sell loan participations.”
The LoanStreet online platform is available to all Pennsylvania credit unions at www.loan-street.com.
According to the PCUA, LoanStreet was co-founded by Ian Lampl, former Deputy Chief Counsel for TARP, following the financial crisis to meet the acute need he saw for a standardized and automated loan participation platform. LoanStreet has partnered with corporate credit unions and a number of other credit union associations to bring an industry-wide, automated loan participation solution for all credit unions.