TruMark Financial teams up with Happy Money to boost loan returns
Happy Money, a consumer finance company, has partnered with TruMark Financial Credit Union. The collaboration enables TruMark to diversify its balance sheet and generate higher returns through short-duration, high-yield personal loans.
TruMark Financial, with a $3.4 billion asset base, sought to expand its personal loan portfolio. The credit union found an ideal partner in Happy Money, which offers a participation program to optimize balance sheets and reduce risk.
Through this partnership, TruMark gains access to high-quality assets nationwide. It also gains flexibility, allowing it to engage in forward flow or one-time loan purchases with no minimum commitment. Happy Money provides valuable insights into credit policy, pricing, and portfolio trends to aid loan forecasting and projected returns.
Kelly Botti, TruMark's President and CEO, sees the partnership as a strengthening of their lending strategy and financial stability. Matt Tomko, Happy Money's Chief Revenue Officer, views the partnership as a step towards enabling credit unions to grow and use lending for positive impact.
Happy Money's partnership with TruMark Financial Credit Union allows the latter to diversify its portfolio and achieve higher returns. The collaboration brings together a large credit union and a consumer finance company, each seeking to enhance its offerings and contribute positively to the financial landscape.
