NEW YORK (8/8/13)--LendKey, the cloud-based lending technology company, Wednesday announced the closing of an additional $12.5 million in Series B venture funding.
The funding was by new investors Updata Partners and TTV Capital, and existing investors Draper Fisher Jurvetson and Gotham Ventures.
LendKey, formerly Fynanz, is a CUNA Strategic Services provider
LendKey, which was founded in 2008 as a private student lending platform for financial institutions, will use the funds to expand its lending platform into new asset classes and accelerate the growth of its lending clients.
"LendKey has grown to 250 lending partners and $400 million in private student loan and private student loan consolidation originations in the past three years," said Vince Passione, LendKey CEO. He noted LendKey is scaling its additional asset classes "with the support of Updata Partners and TTV Capital, as well as the continued confidence from our existing investors at Draper Fisher Jurvetson and Gotham Ventures."
The new funding is in addition to the $9.5 million in venture funding received by LendKey during its Series A round of financing, bringing the total capital raised by the company to $22 million.
NEW BRIGHTON, Minn. (8/8/13)--In a sign the economy is recovering, mortgage delinquencies are decreasing, particularly in the last six months, reports CU Companies, a credit union service organization specializing in mortgage servicing.
"In May, our delinquency ratio was the lowest it has been since 2008, coming in at 1.68%," said Kathleen Nystrom, CU Companies loan servicing manager.
Fewer delinquent loans benefit all parties, Nystrom said. When an account becomes past due, CU Companies attempts to contact the borrower again every three days. It sends letters informing borrowers of their options and encourages them to contact the company, Nystrom said.
"We know that communication is key and want both the borrower and our owner or partner to understand where the borrower is in the process and what needs to happen to move forward," she added. "We'd love to see this trend continue, as it's important to us to see the borrowers we work with succeed."