The deal brings more than 40 new lenders and $55 million in borrowers servicing under the ReliaMax umbrella.
“Bringing FUTR into ReliaMax dovetails with our ongoing investments in our people and platforms,” CEO Michael VanErdewyk, said. “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.”
ReliaMax said it expects to service more than $475 million in loans by the end of this year. Its affiliate ReliaMax Surety Company has insured more than $3.2 billion on loans for close to 500 lenders across America.
“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,” ReliaMax Lending Services president Paul Dockry said.
“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.”
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