The concept is to not only grow loans, but cultivate membership as well.
By Roy Urrico
CU Lending Cooperative announces a major lending program. A new San Diego-based CUSO called CU Lending Cooperative aims to provide credit unions with a national presence in major online lending programs, the first of which will be LendingTree. The way the loan production platform works is when someone applies for a personal loan on LendingTree, CULC software grabs the application and qualifies the person. Then in seconds, the software checks to see what member credit union matches and presents an offer. The concept is to not only grow loans, but cultivate membership as well. When it funds, the loan deposits into a share account at that credit union. The new member can access the money by signing up for online banking or waiting for their debit card.
Mike Joplin has over 35 years experience in commercial banking and consumer finance. As a founder, co-founder and CEO he has created and managed several successful companies and has founded two thrifts and an independent bank.