SALT LAKE CITY, May 27, 2021 /PRNewswire/ — Medallion Bank (Nasdaq: MBNKP), (MBNKP or “the Bank”), an FDIC-insured bank providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech partners, has announced its partnership with LoanPro, a tech-forward loan servicing software company. Medallion Bank now combines its recreation and home improvement consumer finance loan origination capability with LoanPro’s proven lending platform, which empowers lenders through workflow automation and improved data visibility.
Donald Poulton, President & Chief Executive Officer of Medallion Bank said, “As we expand the Bank’s digital lending capabilities, LoanPro demonstrated a clear advantage to help us drive speed of service and efficiency with our loan servicing. This will allow us to continue to grow the number of loans we service and maintain the strong customer service we are known for. In addition, our growing fintech Strategic Partnership Program will benefit from the relationship with LoanPro as our partners may also benefit from LoanPro’s cloud-based loan servicing platform.”
Medallion Bank is committed to offering competitive indirect consumer finance programs with long-term viability, superior service levels, and the ideal balance of high-tech and high-touch. The Bank’s tools and platform help its dealers, contractors, and fintech partners to effectively grow their businesses.
Rhett Roberts, Chief Executive Officer and Co-Founder of LoanPro stated, “We are excited to be working with Medallion Bank to help them with their mission of putting the needs of their clients first through loan workflow automation, improved data visibility, and a customized UI/client experience. We are grateful for partners like Medallion Bank who have joined us in our vision to leverage the latest loan tech to serve their clients better.”
LoanPro seeks to simplify the complex by providing sight and clarity into the world of lending. LoanPro’s highly customizable loan servicing software is built on its own RESTful API and preferred by over 600 lenders across the United States and Canada.
About Medallion Bank
Medallion Bank (Nasdaq: MBNKP) specializes in providing consumer loans for the purchase of recreational vehicles, boats and home improvements, and offering loan origination services to fintech partners. The Bank works directly with thousands of dealers, contractors and financial service providers, serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City, and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN). For more information, visit www.medallionbank.com.
LoanPro is a SaaS based loan servicing software which empowers tech-forward lenders through automation and data visibility. LoanPro offers a full-featured, API-based, mid-market and enterprise lending solution in the US/Canadian marketplace. LoanPro is hosted on Amazon Web Services (AWS) “the cloud” and is designed to streamline both loan servicing and loan collections workflows. Lenders enjoy increased transparency, control, flexibility, real-time database access, calculation accuracy, and scalability, all on a PCI, SOC I, & SOC II certified platform. For more information on LoanPro, visit LoanPro.io or call (800) 559-4776.