Most notably, LoanStar provides crucial business development support to help ensure lender success.Īndrew Turner, CEO of LoanStar shared, “We are excited to partner with such a well-known organization like Origence to help their lending partners diversify their portfolios while offering their members a new ability to borrow at the point-of-sale.” #LOANSTAR HOME LENDING CLACKAMAS HOW TO# “As we continue to explore new ways to reach and serve credit unions and their members, we are excited to announce the next evolution in point-of-sale financing through our collaboration with LoanStar,” said Brian Hendricks, Chief Product Officer for CU Direct.Īs part of the joint venture, CU Direct Connect (CUDC), a subsidiary of CU Direct, will be LoanStar’s exclusive BPO, providing outsourced processing and underwriting services for retail merchant financing. CUDC provides lenders with flexible outsourced lending solutions that meet shifting demands, complement existing capabilities, and redirect resources to pursue new opportunities for loan growth. “The business development and product aspects are critical for credit unions to succeed in this market. We look forward to enabling credit unions to grow through this channel without needing to invest heavily in their own back-office operations,” explains Brian Hamilton, President of CUDC.Īndrew Turner added, “We couldn’t have selected a better partner than CUDC to assist with our customers’ needs for outsourcing – not only do they understand the business, but the whole team came from lending operations.” Beyond that, however, it is a high-transaction business that requires responsiveness and coverage outside of standard business hours. Headquartered in Swarthmore, Pennsylvania, LoanStar enables credit unions to compete with the larger national lenders that currently dominate the point-of-sale. LoanStar offers a locally branded lending solution and toolkit, called MerchantLinQ, that credit unions can offer through merchants to consumers to instantly apply for financing for their larger purchases at lower rates than those offered by larger lenders. In addition to the technology that links borrowers to the lender via the contractor, LoanStar provides both a sales and advisory function to the lender – helping them to plan and build a program that is competitive in the local market. LoanStar supports lending on home improvement services, elective medical procedures and other sectors traditionally underserved by traditional brick and mortar lending operations. Origence, a CU Direct brand, provides lending technology that elevates the origination experience to increase loan volume, create efficiencies, and grow accounts. #LOANSTAR HOME LENDING CLACKAMAS HOW TO#.
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