SIOUX FALLS, S.D.--(BUSINESS WIRE)--ReliaMax, the leading private student lending platform for banks, credit unions and alternative lenders, announced today that the company is now servicing and insuring an additional $73 million in private student loans for MetaBank®, the bank subsidiary of Meta Financial Group, Inc.® (Nasdaq:CASH). In December 2016, ReliaMax was selected to service and insure MetaBank’s initial $151 million private student loan portfolio acquisition.
“With this latest deal, ReliaMax has steadily grown the volume of its private student loan portfolio channel to $340 million in loans,” says Michael VanErdewyk, Chairman and CEO of ReliaMax. “This marks our 12th deal since inception of our portfolio channel. This year alone, we’ve closed 5 deals for more than $108 million.”
“We began working with ReliaMax last year, and we are very happy with the performance of our private student loan portfolio. The ReliaMax Solution is uniquely designed to allow us to easily diversify our loan portfolio and generate reliable returns in this asset class, while reducing our risk with insurance,” says J. Tyler Haahr, Chairman and CEO of MetaBank.
VanErdewyk adds, “We continue to experience strong demand for the private student loan asset class among lenders and borrowers, and have now originated, managed and insured over $3.3 billion of the asset class.”*
ReliaMax provides the financial technology industry’s only fully-integrated, comprehensive private student loan solution to include borrower acquisition, origination, servicing, capital markets and insurance. Servicing components include secure online and mobile account access and multiple payment options. ReliaMax 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. For more information, visit: ReliaMax.com.
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.
* Through ReliaMax Surety Company and ReliaMax Lending Services, LLC.
**ReliaMax Surety Bonds are not available in California.
Headquartered in Sioux Falls, S.D., 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.