SIOUX FALLS, S.D.--(BUSINESS WIRE)--ReliaMax®, the complete private student lending solutions provider for banks, credit unions and alternative lenders, today announced that MetaBank®, the federally chartered savings bank of Meta Financial Group, Inc. ®, has selected The ReliaMax Solution to insure and service the bank’s new private student loan portfolio.
MetaBank acquired the $151 million student loan portfolio with the help of ReliaMax and Garnet Capital Advisors of New York, a financial-services company specializing in managing loan portfolio sales. The private student loan portfolio includes more than 5,000 loans, which ReliaMax Surety Company will insure. The relationship includes the transfer and conversion of the portfolio’s loan servicing onto the ReliaMax Lending Services platform. This is a testament to the competency and expertise of ReliaMax and its platforms. By consolidating portfolio loan insurance and customer service with one single entity, ReliaMax further reduces MetaBank’s risk.
“We are impressed with ReliaMax’s student lending industry experience and their unique servicing platform. We’re looking forward to our new partnership to help manage our recently purchased student loan portfolio,” said J. Tyler Haahr, Chairman and CEO of MetaBank.
The ReliaMax Solution is the financial technology industry’s only fully-integrated, comprehensive private student loan solution to include borrower acquisition, origination, servicing, capital markets and insurance.
“MetaBank’s decision speaks to the sizable opportunity there is for banks to enter the private student loan asset class and more productively employ their deposits. We are proud to be part of the team that is now supporting MetaBank’s new loan portfolio,” said Michael VanErdewyk, Chairman and CEO of ReliaMax. “MetaBank represents our eighth private student loan portfolio client.”
MetaBank is the latest financial institution to choose The ReliaMax Solution and the eighth portfolio conversion since the program launched in mid-2015. For more information, visit: ReliaMax.com/Student-Loan-Solution
Founded in 2005, ReliaMax has redefined profitable private student lending for over 500 banks, credit unions, alternative lenders and investors. Through its complete Private Student Loan Platform-as-a-Service solution which includes originating, servicing, borrower acquisition, portfolio liquidity and insurance provided by ReliaMax Surety Company*, ReliaMax enables lenders to quickly, easily and safely help student borrowers realize their education goals. For more information, visit ReliaMax.com.
*Not available in California.
ReliaMax® is a registered trademark of ReliaMax and/or its affiliates. Other names may be trademarks of their respective owners.
Headquartered in Sioux Falls, SD, MetaBank operates in both the Banking and Payments industries. Within Banking, the traditional retail bank business operates 10 branches in four market areas: Central Iowa; Storm Lake, Iowa; Brookings, S.D.; and Sioux Falls, S.D.; and also includes AFS/IBEX, its insurance premium financing division. Meta Payment Systems, its electronic payments division and Refund Advantage, EPS and SCS, its tax-related financial solutions divisions, comprise the Payments business. Meta Financial Group, Inc.® (NASDAQ Global Market®: CASH), is the holding company for federally chartered savings bank MetaBank, Member FDIC. For more information, visit metabank.com. For more information about Meta Financial Group, visit metafinancialgroup.com.