ReliaMax, one of the largest companies offering private student loan lending solutions, has acquired the assets of a private student loan servicing provider known as FUTR Corporation.
The acquisition was announced on Tuesday, September 26th, 2017 through a press release published on ReliaMax’s website.
With the acquisition of FUTR Corporation’s assets, The ReliaMax Solution now has over 40 new lenders and $55 million in borrower servicing. The ReliaMax Solution prides itself on being the only fully-integrated private student loan solution. The solution offers a full slate of services, including borrower acquisition, origination, servicing, insurance, and liquidity support.
Lance Teinert, the President of FUTR, issued the following statement for the press release: “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.”
FUTR is able to provide servicing for private student loans to a multitude of loan programs for financial institutions including banks, private lenders, and credit unions. After the acquisition, ReliaMax seized control of FUTR’s core assets, which include borrower servicing contracts, intellectual property, brand capital, and important team members. The exact terms of the deal have yet to be disclosed.
ReliaMax is unique because it is a student loan servicing platform that was built solely for the private student loan industry. Most student loan servicing companies are tailored to mainly service federal student loans, where infrastructure and technology requirements can sometimes restrict their potential.
According to ReliaMax’s press release, the student loan solutions company expects to surpass $475 million in serviced loan volume by year’s end. Additionally, the company insures private student loans through ReliaMax Surety Company, an affiliate that has so far insured over $3.2 billion in loans for more than 475 lenders throughout the United States.
The entire private student loan servicing process is performed in-house by ReliaMax. ReliaMax’s servicing process allows for both secure online and mobile account access. ReliaMax also provides a single loan specialist for each borrower that will assist the borrower with any questions or problems for the entire life of the private student loan.
For ReliaMax, focusing in on the private student loan industry is certainly a savvy business decision as private student loans continue to become more and more popular. According to LendEDU, there is currently over $165 billion in outstanding private student loan debt. Further, 1.4 million students take out private student loans each year.
Author: Andrew Rombach
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