Irvine, Calif., November 10, 2021 (GLOBE NEWSWIRE) – Irvine, Calif. – November 10, 2021 – Origence, a CU Direct brand, a leader in lending technology solutions has announced an exclusive partnership with LoanStar Technologies to provide financing to merchants of retail to credit unions.
As a result of this partnership, LoanStar will provide Origence credit unions with essential B2B support to connect with merchants, which has always been a challenge for credit unions. Through this new partnership, credit unions will have the ability to seize loans at the point of sale, when and where members make large purchases.
Through its MerchantLinQ portal, LoanStar provides a fully customized, world-class system for its credit unions. The company offers a wide range of flexible and competitive financing options, and provides advice on how to gain market share. In particular, LoanStar provides critical business development support to help ensure the success of lenders.
Andrew Turner, CEO of LoanStar, said: â€œWe are delighted to partner with such a well-known organization as Requirement to help their lending partners diversify their portfolios while giving their members a new possibility to borrow at the point of sale. .
â€œAs we continue to explore new ways to reach and serve credit unions and their members, we are excited to announce the next evolution of point-of-sale financing through our collaboration with LoanStar,â€ said Brian Hendricks, Product Manager for CU Direct. .
As part of the joint venture, CU Direct Connect (CUDC), a subsidiary of CU Direct, will be LoanStar’s exclusive BPO service provider, providing outsourced processing and underwriting services for retail merchant financing. CUDC provides lenders with flexible outsourced lending solutions that meet changing demands, complement existing capabilities, and redirect resources to seek new opportunities for loan growth.
â€œBusiness development and product aspects are essential for credit unions to be successful in this market. Beyond that, however, this is a high-transaction business that requires responsiveness and coverage outside of standard business hours. We look forward to enabling credit unions to grow through this channel without having to invest heavily in their own back office operations, â€said Brian Hamilton, President of CUDC.
Andrew Turner added, â€œWe couldn’t have chosen a better partner than CUDC to meet the outsourcing needs of our clients – not only do they understand the business, but the entire team comes from lending operations.
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Based in Swarthmore, Pa., LoanStar enables credit unions to compete with the largest national lenders that currently dominate the point of sale. LoanStar offers a locally branded loan solution and toolkit, called MerchantLinQ, which credit unions can provide to consumers through merchants to instantly request financing for their larger purchases at lower rates than offered. by the largest lenders.
In addition to the technology that connects borrowers to the lender through the entrepreneur, LoanStar provides both a sales and advisory function to the lender, helping them plan and build a competitive program in the local market. LoanStar supports loans on home improvement services, elective medical procedures and other areas traditionally underserved by traditional brick and mortar lending operations.
Origence, a brand of CU Direct, provides lending technology that enhances the origination experience to increase lending volume, create efficiencies and grow accounts. With Origence, financial institutions can provide consumer and indirect loans with increased productivity levels and scale, while providing a convenient and personalized borrowing experience. The solutions also include marketing and CRM, automatic purchasing, outsourced loan processing, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.
About CU Direct Connect
CU Direct Connect (â€œCUDCâ€) provides lending organizations with flexible outsourced lending solutions designed to meet changing demands, complement existing capabilities, and redirect resources to pursue new growth opportunities. The company’s mission is to provide lenders with dynamic workforce solutions based on superior technology and deep industry expertise. CUDC’s outsourced solutions include underwriting, processing, call services, letter generation, funding assistance, and additional assembly services. CU Direct Connect is located in Centennial, Colorado. For more information, visit www.cudirectconnect.com.