NEW YORK, N.Y. —LoanStreet Inc., a loan participation platform said it has added SECU, Maryland’s largest credit union, to its platform.
“Participations are a critical part of our strategic growth plan and we needed a technology solution to scale our program,” said Toby Smith, SECU’s VP of Lending. “LoanStreet’s technology was the perfect answer. It is easy to use and unique in its capacity to help scale our program.”
SECU is using LoanStreet to manage its consumer loan participation portfolio. By automating with LoanStreet, SECU can now sell participations to any number of institutions in any percentage and thereby maximize its returns and liquidity.
“LoanStreet’s participation reports are incredible and enable us and our buyers to seamlessly manage all audit and regulatory reporting,” continued Smith. “Just as important, the team at LoanStreet are responsive and they are a dedicated partner.”
“We are truly excited to have SECU join LoanStreet’s credit union network,” said Ian Lampl, CEO of LoanStreet. “SECU is an amazing organization that understands that innovation and technology are the key ingredients to meeting the needs of their members. We look forward to working with them as we continue to evolve and develop our platform.”
Founded in Baltimore in 1951, SECU is Maryland’s largest credit union. With $3.5 billion in assets, SECU is ranked among the top 50 credit unions for total assets in the U.S. As a member-owned credit union, SECU supports communities throughout Maryland by offering lower fees and competitive rates on deposit accounts, credit cards, and mortgages. They also believe in financial literacy and give back to the communities they serve through financial wellness programs. SECU is headquartered in Linthicum, MD and has branches across the state. For more information about SECU, visit www.secumd.org.
About LoanStreet Inc.
LoanStreet Inc. (LoanStreet) is an innovative loan participation platform that enables institutions of all sizes to cost‐effectively participate loans in a regulatory-‐compliant manner. 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. For more information or to join the LoanStreet network, please visit www.loan‐street.com or email: info@loan‐street.com.