Vital Financial Services rebrands as LendXP, makes key hire
Vital Financial Services, a lender service provider, recently rebranded as LendXP. The new name reflects the company’s commitment to providing community banks and credit unions with an “exponentially” better Small Business Administration loan servicing experience, the company said in a press release. Founded in 2009 in West Des Moines, the company is now based in Waterloo at Lincoln Savings Bank’s main office, according to a filing with the Iowa secretary of state. LendXP said “the timing of our new brand aligns with the significant transformation that is taking place across the organization, including the hire of key employee, Giovanni DeLisi.” DeLisi joined the company in December 2021 as senior vice president and manager of government guaranteed lending operations. He has 20 years of experience that includes working for several large national Preferred Lending Partner SBA lenders. “This rebrand signifies the trajectory we’re on to becoming a national player in the Lender Service Provider industry,” DeLisi said in the release. “It reinforces our commitment to being a partner to the banks we serve and the borrowers they entrusted to us.” In May, the founder and past leader of Vital Financial Services, Michael Slater, was sentenced to 14 months in federal prison for wire fraud in connection with SBA loans made by Valley Bank in Eldridge, Iowa, in a scheme that caused over $4.5 million in losses to the SBA, according to the U.S. Department of Justice.