LOS ANGELES and SAN DIEGO — DebtMarket, a portfolio sales marketplace, and First Associates Inc., a consumer loan servicing firm, have partnered up to provide a new way to sell loan originations and improve loan servicing.
“Our partnership with First Associates is another step in the direction of a more efficient and transparent process for pricing and selling consumer debt portfolios,” said DebtMarket Co-founder and President Mike Sheridan.
The partnership benefits Debtmarket’s portfolio sellers and buyers by speeding the transfer of loan servicing, which helps eliminate payment disruptions among consumers, who often are confused about where to send payment when a loan is sold.
Additionally, the partnership provides First Associates consumer lenders with free access to DebtMarket where they can establish market pricing for assets and have an end-to-end transaction management platform. DebtMarket sellers pay a percentage fee only after a portfolio sale closes.
“First Associates offers the experience, outstanding technology, infrastructure and scalability to meet the servicing needs of the schools, banks, credit unions and other credit providers DebtMarket serves,” said First Associates CEO Doug Henkel. “Partnering with DebtMarket brings a whole new dimension to the lenders we already serve at a time when liquidity and establishing market pricing for portfolios has been an issue for them.”