SIOUX FALLS, S.D.--(BUSINESS WIRE)--ReliaMax, the complete private student lending solutions provider for banks, credit unions, schools and alternative lenders, today announced it has acquired the assets of FUTR Corporation, a San Francisco- and Texas-based private student loan servicing provider. The acquisition brings over 40 new lenders and $55 million in borrower servicing to The ReliaMax Solution, the only fully-integrated private student loan solution that includes borrower acquisition, origination, servicing, insurance, and capital markets/portfolio liquidity support.
“Bringing FUTR into ReliaMax dovetails with our ongoing investments in our people and platforms,” says Michael VanErdewyk, CEO of ReliaMax. “While many student lenders and third-party providers have been stagnant, we’ve directed tens of millions of dollars to hiring top talent and developing our servicing and insurance technology and capabilities. As a result, we’re well-positioned to grow and take advantage of acquisition opportunities where there’s a strong fit,” he says.
ReliaMax built its loan servicing platform exclusively for private student loans. The platform is not encumbered by the infrastructure and technology constraints and requirements facing other student loan servicers whose platforms were designed to principally serve federal student loans or other consumer loans. The company expects to reach more than $475 million in serviced loan volume by the end of 2017. ReliaMax also insures private student loans through an affiliate, ReliaMax Surety Company, and to date has insured more than $3.2 billion in loans for over 475 lenders nationwide.
“Amid the ongoing disruption of traditional lenders with marketplace and online lenders, our servicing platform is distinctively attractive to industry players that want to focus on creating value for their private student loan assets and providing an enhanced experience for their customers,” says Paul Dockry, President of ReliaMax Lending Services. “We’re continuously enhancing our technology as well as our capacity for in-school, refinancing and specialty finance programs to serve the ever changing borrower needs in higher education financing.”
FUTR provides private student loan servicing to diverse loan programs for banks, credit unions, marketplace lenders, private capital firms and schools nationwide. “There are tremendous synergies between FUTR and ReliaMax, and we’re blown away with ReliaMax’s servicing capabilities and knowledge of the industry. Customers will gain expanded opportunities and a superior borrower experience through The ReliaMax Solution,” says Lance Teinert, President, FUTR.
ReliaMax’s proprietary private student loan servicing process is entirely in-house. Servicing includes secure online and mobile account access and multiple payment options. While technology creates better results for the lender and the borrower, ReliaMax also provides high-touch customer service, including a singular loan specialist who works with the borrower through the life of the loan from disbursement through repayment.
Following the close of the transaction on September 15, 2017, ReliaMax took ownership of FUTR’s core assets, including borrower servicing contracts, intellectual property, customer relationships, data and analytics, brand capital, and key team members. Terms of the acquisition were not disclosed.
FUTR is a private student loan servicer focused on bringing together technology and quality service to provide transparency and insight that borrowers need to manage private student loans. FUTR extends its level of commitment to value and service to its lending partners, who likewise can leverage FUTR’s technology and services to support their most demanding business needs.
ReliaMax has redefined private student lending for over 475 banks, credit unions, alternative lenders and investors. Through its complete Private Student Loan Platform-as-a-Service solution, which includes borrower acquisition, origination, servicing, portfolio liquidity, and insurance* provided by ReliaMax Surety Company, ReliaMax enables lenders to quickly, easily and safely help student borrowers finance their education so they can realize their education goals. For more information, ReliaMax.com.
*ReliaMax Surety Bonds are not available in California.