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Members 1st FCU Turns to LoanStreet for Participations Data Analytics


Executives at Members 1st Federal Credit Union, a $4.1 billion lender based in Mechanicsburg, PA, had been searching for a way to ramp up its loan participation program without encountering the record-keeping headaches and sharp rise in headcount traditionally needed to track the performance of hundreds of transactions.

“We needed a technology solution to scale our program so that we could partner with the best buyer or buyers at any time without increasing our administrative burdens,” Jessica Whitmyer, Members 1st FCU’s vice president of finance and controller, said. “LoanStreet’s technology was the ideal solution.” LoanStreet’s new, fully-integrated online loan participation platform was all the credit union needed for an automated and scalable solution in one place.

Members 1st is now poised for growth. LoanStreet’s automated reporting tools provide Members 1st with a consolidated view of every transaction in their portfolio, no matter how many different parties with which it does business, Whitmyer explained. She added, the technology improved accuracy of reporting, reduced administrative overhead and significantly expedited reporting turnaround times. For most credit unions, the manual reporting and compliance documentation most credit unions do can take two weeks or longer. Through its new-found automation, Members 1st can generate and deliver reports for executives, auditors, and regulators in a single day.

In addition, the streamlined reporting process positions Members 1st to scale its loan participation program. LoanStreet’s automated tools simplify tracking of thousands of transactions across hundreds of partners as it does to manage the reporting of a single loan. “For credit unions like Members 1st, these reporting tools give them the flexibility to partner with any credit union as they grow their participation program,” Ian Lampl, LoanStreet co-founder and chief executive, said. “By delivering a single, consolidated report with no administrative overhead, LoanStreet unlocks the ability for credit unions to enter into loan participations with hundreds of potential counterparties rather than just a handful. That ultimately means more opportunities, better pricing, and better financial results.”

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