April 9 (UPI) — Nelnet said Monday that it will expand its loan servicing beyond students.
The finance and technology company said in a press release that it will start offering loan services in the consumer and business loan markets in addition to servicing student loans.
“Nelnet provides a tested and scalable servicing partner for loan originators that are looking to grow,” CEO Jeff Noordhoek said. “We have developed an expertise in serving complex, highly regulated assets. We believe we can leverage this expertise to serve new asset classes.”
The company said that the business and consumer loan asset classes need a partner that is “highly flexible” and that “brings the financial strength and stability required by investors.”
Nelnet, which has always done student loans, has more recently branched out to real estate and telecommunications investments. It shifted its focus from originating loans to servicing them in 2010 when the federal government eliminated the Federal Family Education Loan Program.
The company said it services over $455 billion in loans for 16.2 million borrowers.
Nelnet is a publicly traded finance and technology company based in Lincoln, Neb. It’s largest business unit handles loan servicing. With 4,300 employees, it processed 41 million payments last year.