SAN FRANCISCO--(BUSINESS WIRE)--FUTR Corporation today announced it has acquired the assets of ECMC Servicing Corporation, a provider of private student loan-servicing solutions, from ECMC Holdings Corporation, a subsidiary of ECMC Group, Inc.
Under terms of the transaction which closed on July 1, 2016, FUTR has taken ownership of ECMC Servicing’s core assets, including its customer base comprised of prominent U.S. banks, credit unions and post-secondary educational institutions as well as its intellectual property. In addition, FUTR has appointed key employees from ECMC Servicing to its executive and management team.
“FUTR brings a unique combination of higher education finance and technology industry domain expertise together with a sophisticated technology platform to create an improved model for student loan servicing – one that will offer far greater value to both lenders and their borrowers alike,” said Rix Kramlich, founder and CEO of FUTR. “Our management team is experienced, capable and focused on creating positive and much-needed change within the higher education finance marketplace.”
“We are excited to be combining our decades of experience and team of servicing professionals with FUTR’s technology leadership to change the way borrowers and lenders experience student loan servicing,” said Lance Teinert, president of servicing operations at FUTR and formerly president of ECMC Servicing. “I am looking forward to partnering with the financial community I have worked closely with over the course of my 27-year career to deliver a new level of value within this market.”
ECMC Group is a nonprofit organization dedicated to providing tools, information, financial and debt management services, career schools and job placement services to help students succeed in achieving their higher education goals, making informed money management and student loan decisions, and successfully repaying their student loan obligations.
FUTR is a privately held and venture-backed higher education finance provider headquartered in San Francisco, California with an operational hub in Bryan, Texas. FUTR is focused on bringing together modern technology and quality service to provide new levels of transparency and insight that borrowers need to optimally manage their financial future. We extend the same level of commitment to value, innovation and service to our lender partners, who likewise can leverage FUTR’s advanced technology and services to support their most demanding business needs.