NEW YORK—LoanStreet, a loan participation platform, said Pennsylvania-based Members 1st Federal Credit Union has joined 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,” said Jessica Whitmyer, VP-finance and controller with Members 1st. “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.”
Whitmyer added participations are a critical part of Members 1st’ s strategic growth plan and it will use the LoanStreet platform to allow it to partner with the best buyer or buyers at any time without increasing its administrative burdens.
Tim Sustak, chief credit officer for Vizo Financial, to which Members 1st belongs, 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.”
Ian Lampl, CEO of LoanStreet, said Members 1st “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.”