14, 2015 /PRNewswire-USNewswire/ -- ReliaMax, one of the nation's leading financial technology companies insuring, servicing and originating private student loans
made by banks, credit unions and alternative lenders, today announced that members of the ReliaMax executive team, including CEO Michael VanErdewyk, CFO Jonathon Albright and VP of Capital Markets Steve Pachella and others will be attending ABS East in Miami, FL September 16-18, 2015.
The world's largest credit union could someday become the world's largest issuer of private student loans
, with most if not all of those loans generated and serviced online.
Private student loans
are consumer loans made to individuals to help pay for college.
The Consumer Financial Protection Bureau (CFPB) has also raised concerns surrounding the private student loan
industry in its 2012 report, in which the CFPB recommended potential changes for the treatment of private student loans
in bankruptcy proceedings: “The absence of consumer protections on private loans comparable to that available on Federal student loans, combined with the current restriction on bankruptcy discharge, leave those private student loan
borrowers who face extreme financial distress with no last resort for economic relief, even in dire circumstances, such as borrower death on cosigned loans.
With its first-ever director in place, a new federal consumer atchdog agency needs to take strong action in 2012 to educate the public about private student loans
and clamp down on questionable practices in the sector, experts say.
Bank of America (NYSE: BAC) has said that it is planning to halt private student loans
The collateral securing the notes are 100% private student loans
and consists of loans originated by Access Group.
20, 2015 /PRNewswire-USNewswire/ -- ReliaMax, the nation's leading financial technology company insuring, servicing and originating private student loans
made by banks, credit unions and alternative lenders, today announced that Jonathon Albright has joined the ReliaMax team as Chief Financial Officer of ReliaMax Holding Company.
According to a report on private student loans
released by the Consumer Financial Protection Bureau, some private student lenders misled borrowers about their loan terms as well as their federal student loan options, and since 2008, student loan debt has increased and default rates have escalated.
Bank of America Corporation (BofA) (NYSE: BAC) has decided not to offer private student loans
The collateral supporting Access Group 2005-B notes consists entirely of private student loans
originated and serviced by Access Group, Inc.
The Private Student Loan
Performance Report --Q1 2015 shows continued strong performance trends in repayment, delinquencies and charge-offs for private student loans
through Q1 2015.