SAN FRANCISCO, April 9, 2018 /PRNewswire/ -- Nelnet (NYSE: NNI), a company with more than 40 years of loan servicing experience, is bringing a new servicing option to Fintech lending platforms. Nelnet Loan Servicing will leverage the experience, scale, and personnel of its existing servicing business with technology enhancements to meet the unique needs of Fintech companies with primary and backup servicing.
Consumer and business loan markets are advancing rapidly due to innovation brought on by Fintech. To support the industry's rapid growth, these lenders require a servicing partner that is highly flexible to maintain a consistent customer experience at scale and that brings the financial strength and stability required by investors. Nelnet Loan Servicing is well positioned to meet both of these needs.
Nelnet currently provides servicing for over $455 billion in loans for 16.2 million borrowers. As a highly-capitalized, investment-grade company, it can help manage investment risk for companies using balance sheet, warehousing, and securitization to spur additional growth.
"Nelnet provides a tested and scalable servicing partner for loan originators that are looking to grow," said Jeff Noordhoek, chief executive officer of Nelnet. "We have developed an expertise in serving complex, highly regulated assets. We believe we can leverage this expertise to serve new asset classes."
The systems that support loan servicing are being migrated to a cloud-based microservices framework, where integration is key and customer experience comes first. A white-label servicing experience will put originating lenders' branding at the center of the servicing experience. The core services of the solution are a foundational set of RESTful APIs that accept payments, manage customer information, configure loan programs, deliver lender services, reconcile transactions, handle communications, and support innovative user experiences with artificial intelligence enhancements.
Nelnet is a publically traded finance and technology company based in Lincoln, Neb. The company's largest business unit handles loan servicing, with just over 4,300 employees in its domestic operational centers. The business processed over 41 million payments in 2017.
Noordhoek mentioned Nelnet Loan Servicing is already attracting a great deal of interest from origination and investors alike and the company will be announcing new partnerships soon.
To learn more about this new initiative, visit NelnetFintech.com.
About Nelnet
Nelnet (NYSE: NNI) is a diversified and innovative company focused on offering educational services, technology solutions, telecommunications, and asset management. Nelnet helps students and families plan and pay for their education and makes the administrative processes for schools more efficient with student loan servicing, tuition payment processing, and school administration software. Through its subsidiary, ALLO Communications, Nelnet offers fiber optic services directly to homes and businesses for ultra-fast internet and superior telephone and television services. The company also makes investments in real estate developments and new ventures. For more information, visit Nelnet.com.
About LendIt Fintech
LendIt Fintech is a recognized global internet finance industry leader, founded in New York in 2013. Its aim is to gather industry elites to discuss and explore latest trends in the development of international financial technology. LendIt Fintech has become the largest event in financial services innovation as it hosts three annual conferences, LendIt Fintech USA, LendIt Fintech Europe, and Lang Di Fintech, and dozens of complementary online and in-person industry events. LendIt also owns and operates one of the world's leading industry educational channels, Lend Academy. For more information, tickets and sponsorship opportunities, please visit Lendit.com.
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SOURCE Nelnet