Homeowners are staying in place, canceling vacations and considering how to make their dwellings more satisfying safe havens during the pandemic. A recent study conducted by Houzz says nearly 80% of homeowners planned on completing home improvement projects in the short term. An article on remodeling.hw.net says, “U.S. Census Bureau data suggests that from March to June, home improvement-focused retail sales have grown 11.8%, while overall retail sales have decreased by 3.6%.”
LendKey delivers the leading lending-as-a-service solution that nearly 300 financial institutions are using to enhance their consumer lending portfolios. Built by lending industry veterans, LendKey provides credit unions access to prime consumers through private student loans, student loan refinancing and home improvement loans. Their partner lenders go digital in months, not years.
LendKey services the entire life of the loan, along with online decisioning, loan origination, member acquisition, performance assessments, risk consulting, audit support and analytics, allowing credit unions to focus on serving their memberships. LendKey credit union partners also benefit from unique liquidity options including a customized, white-labeled full-balance sheet option, a modern participation program, and a forward sale program.
The unique participation program allows lenders to fractionalize loans, enabling them to broaden their portfolios and decrease geographic risk. LendKey’s participation loans are on a recurring basis, minimizing on-going diligence and maximizes access to new loan volume.
To-date, LendKey has helped credit unions disburse more than $3 billion in loans and has created more than 135,000 new members.