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Open Lending Named Winner of 2023 NAFCU Innovation Award
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Open Lending Corporation (NASDAQ: LPRO) has been recognized with the 2023 NAFCU Innovation Award for its enhanced Lenders Protection™ program. The program aims to expand auto lending inclusivity and improve loan decisioning accuracy, enabling financial institutions to make more accurate risk assessments and offer competitive pricing backed by default insurance. Open Lending has facilitated over 900,000 automotive loans valued at over $21 billion since 2000, leveraging proprietary and third-party data to assess borrower risk and provide attainable loans to deserving borrowers often overlooked by traditional credit score models.
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Open Lending’s enhanced Lenders Protection™ program expands auto lending inclusivity and improves loan decisioning accuracy
AUSTIN, Texas--(BUSINESS WIRE)--
Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or “the Company”), an industry trailblazer in automotive lending enablement and risk analytics solutions for financial institutions, has been selected as a winner of the 2023 NAFCU Innovation Award for its enhanced Lenders Protection™ scorecard. The awards program recognizes companies making the most valuable and innovative contributions to credit union success, including groundbreaking advancements in technology and software.
“We are thrilled to have our enhanced Lenders Protection tool acknowledged as an impactful solution for supporting credit unions in the tumultuous automotive lending industry,” said Kevin Filan, senior vice president of marketing at Open Lending. “After being nominated as a finalist of the Credit Union Times LUMINARIES awards and forming a new partnership with CUNA, this award is the latest accolade in our mission to empower financial institutions in serving the underserved. As many lower credit and new-to-credit individuals are mistakenly viewed as too risky, the additional alternative data attributes more accurately determine borrower risk to allow many more Americans to build their financial well-being while fostering long-term loyalty with their financial institution.”
Since its inception in 2000, Open Lending has facilitated over 900,000 automotive loans valued in excess of $21 billion. By harnessing over 20 years of proprietary and third-party data through TransUnion and LexisNexis, Lenders Protection assesses the probability of prepays, defaults, and default severity to produce a more accurate risk score and competitive pricing backed by default insurance. This cutting edge AI tool helps provide attainable loans to deserving borrowers who are often overlooked by traditional credit score models.
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 over 20 years we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit www.openlending.com.
What is the name of the company behind the enhanced Lenders Protection™ program?
Open Lending Corporation (NASDAQ: LPRO)
What is the purpose of the enhanced Lenders Protection™ program?
The program aims to expand auto lending inclusivity and improve loan decisioning accuracy.
How many automotive loans has Open Lending facilitated since its inception?
Over 900,000 automotive loans valued at over $21 billion.
What kind of data does Lenders Protection assess to produce a more accurate risk score and competitive pricing?
Lenders Protection assesses proprietary and third-party data through TransUnion and LexisNexis to assess the probability of prepays, defaults, and default severity.
What is the main goal of Lenders Protection in terms of providing loans?
To provide attainable loans to deserving borrowers often overlooked by traditional credit score models.
