Leading White-Label Origination Platform Helps Credit Unions Respond to New Revenue Opportunity
CampusDoor, the nation’s leading third-party private student lending platform, announced its expansion within the credit union space after a 600% monthly increase in lender inquiries about its products and services.
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An important feature of these programs is their level of customization. Every credit union is different. CampusDoor offers them a full gradient of product and service options, so they only have to outsource or license what they need.
The firm sees the potential for credit unions to help families with college financing shortfalls due to federal student loan changes taking place July 1. These changes include new limits on federal borrowing and the elimination of Grad PLUS loans, which finance up to 100% of graduate school costs. Families will be looking for alternatives, such as private student loans, to fill gaps that their federal loans, scholarships, grants and work-study programs do not cover.
“When students and families are anxious about unexpected financing needs, they turn to the local experts who understand and care about them—their credit unions. CampusDoor is prepared to help credit unions meet families’ demand with highly customized student lending and refinancing programs. We tailor these programs to each credit union’s specific requirements,” said Sara Parrish, President.
CampusDoor’s turnkey, white-label origination platform provides credit unions with the underwriting and compliance expertise and back-end infrastructure for a superior member experience from application to fund disbursement.
“An important feature of these programs is their level of customization. Every credit union is different. Their membership demographics, student loan underwriting expertise, or ability to balance sheet loans all vary. CampusDoor offers them a full gradient of product and service options, so they only have to outsource or license what they need,” Parrish added.
Some options include:
- Referral products, where the firm quickly brings programs live and handles every detail while credit unions flow revenue
- Technology licensing arrangements, giving credit unions the flexibility to manage underwriting, compliance, origination, disbursement and balance-sheeting in-house
- Highly individualized programs between these two “endpoints”
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