defi SOLUTIONS and Open Lending Announce Expanded Partnership to Provide Growth Capabilities for Captive Lenders

Rhea-AI Summary

defi SOLUTIONS announces the expansion of its partnership with Open Lending Corporation (LPRO), integrating its Lenders Protection™ platform with the defi XLOS originations product. This partnership aims to assist near- and non-prime borrowers by providing reduced loan rates and favorable terms. By using this integration, lenders can potentially enhance lending volumes and mitigate the financial effects of expected credit loss reporting (CECL). The availability of this integration is expected in the second quarter of 2022 as part of defi's new ORIGINATIONS platform.

Positive

• Expansion of partnership enhances lending options for underserved borrowers.
• Integration of Lenders Protection™ is expected to increase lending volumes.
• Lenders potentially benefit from reduced financial impact of CECL.

Negative

• None.

Partnership empowers borrowers and captive auto lenders for the future with proprietary data, advanced decisioning analytics and increased volumes with less risk

WESTLAKE, Texas--(BUSINESS WIRE)-- defi SOLUTIONS is pleased to announce the expansion of its partnership with Open Lending Corporation (NASDAQ: LPRO) to the benefit of borrowers and captive automotive lenders.

The expansion includes an integration with Open Lending’s Lenders Protection™ platform for captives via the defi XLOS originations product. Lenders Protection offers near- and non-prime borrowers the lowest loan rates and best terms their risk profile will allow. Using Lenders Protection, captives can increase their lending volume beyond normal prime lending guidelines to help the underserved, while earning higher yields. The Lenders Protection integration is currently available to finance companies on the defi LOS product.

Lenders Protection will also help lenders potentially reduce the financial impact of current expected credit loss reporting (CECL), which is changing how lenders account for credit losses in the allowance for loan and lease losses (ALLL).

The defi XLOS integration of Lenders Protection will become available effective second quarter of 2022 and will be core to the new defi ORIGINATIONS platform scheduled for delivery later in 2022.

“We are pleased to extend the benefits of this great partnership with Open Lending to all our originations clients. Our first shared XLOS client implementation is underway, and we look forward to others coming on shortly,” said Charles Sutherland, chief strategy officer, defi SOLUTIONS.

“Our top priority at Open Lending is to provide to our credit union, banks, captive finance partners and ultimately the emerging prime and disadvantaged customers a seamless, fast, and viable loan solution through our unique, two decade long, unmatched, market-tested Lenders Protection solution. We’ve successfully partnered with defi since 2017, and we are looking forward to elevating our relationship to help bring next generation LOS solutions like defi XLOS to our customers,” said Ross Jessup, president and COO, Open Lending.

About defi SOLUTIONS

defi SOLUTIONS offers lenders an end-to-end, total solution for the loan or lease lifecycle. Partnering with captives, banks, credit unions, and finance companies, defi’s market-leading solution helps lenders exceed borrower expectations. From digital engagement through the complete lending process, defi sets new standards for flexibility, configurability, and scalability in originations and servicing (by your experts or ours). For more information, please visit www.defisolutions.com.

About Open Lending

Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For 20 years they have been empowering financial institutions to create profitable auto loan portfolios by saying “yes” to more automotive loans. For more information, please visit www.openlending.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220113005842/en/

Charlie Lewis

Dir, Communication

(682) 717-8481

clewis@defisolutions.com

Source: defi SOLUTIONS

FAQ

What is the partnership between Open Lending Corporation and defi SOLUTIONS?

The partnership focuses on expanding lending options for near- and non-prime borrowers through the integration of Lenders Protection™ with defi's XLOS originations product.

How does the integration of Lenders Protection™ benefit lenders?

It allows lenders to increase lending volumes beyond normal prime guidelines and offer better terms to underserved borrowers.

When will the Lenders Protection integration be available?

The integration is expected to be available in the second quarter of 2022.

What financial reporting change does this partnership address?

The integration aims to help lenders manage the financial impact of current expected credit loss reporting (CECL).

What is Open Lending Corporation's stock symbol?

Open Lending Corporation is traded under the symbol LPRO.