Open Lending Partners with Point Predictive to Enhance Income Verification Process
Open Lending (NASDAQ: LPRO) has announced a partnership with Point Predictive to enhance its income verification process for automotive lending. The collaboration integrates Point Predictive's IEValidate™ and IncomePass™ solutions into Open Lending's Lenders Protection™ loan decisioning engine.
This integration aims to increase loan conversion rates, enable up to 70% of application decisioning without proof of income (POI) stipulations, instantly detect 60%-80% of inflated incomes, and boost look-to-book rates. The partnership is designed to bring enhanced speed, security, and performance to automotive lenders, particularly for applicants with higher credit scores.
Open Lending's CEO, Chuck Jehl, emphasized that this partnership provides a smarter, more automated, and customizable solution that speeds up the loan application approval process, making it more efficient for both lenders and borrowers.
Open Lending (NASDAQ: LPRO) ha annunciato una collaborazione con Point Predictive per migliorare il proprio processo di verifica del reddito per i prestiti automotive. La collaborazione integra le soluzioni IEValidate™ e IncomePass™ di Point Predictive nel motore di decisione sui prestiti Lenders Protection™ di Open Lending.
Questa integrazione mira ad aumentare i tassi di conversione dei prestiti, consentendo fino al 70% delle decisioni sulle domande senza requisiti di prova di reddito (POI), rilevando istantaneamente il 60%-80% dei redditi gonfiati e aumentando i tassi di conversione. La partnership è progettata per offrire maggiore velocità, sicurezza e prestazioni ai finanziatori automotive, in particolare per i richiedenti con punteggi di credito più elevati.
Il CEO di Open Lending, Chuck Jehl, ha sottolineato che questa partnership offre una soluzione più intelligente, automatizzata e personalizzabile che accelera il processo di approvazione delle domande di prestito, rendendolo più efficiente sia per i finanziatori che per i mutuatari.
Open Lending (NASDAQ: LPRO) ha anunciado una colaboración con Point Predictive para mejorar su proceso de verificación de ingresos para préstamos automotrices. La colaboración integra las soluciones IEValidate™ e IncomePass™ de Point Predictive en el motor de decisión de préstamos Lenders Protection™ de Open Lending.
Esta integración tiene como objetivo aumentar las tasas de conversión de préstamos, permitir hasta el 70% de las decisiones de solicitudes sin requisitos de comprobante de ingresos (POI), detectar instantáneamente entre el 60% y el 80% de ingresos inflados y mejorar las tasas de conversión. La asociación está diseñada para brindar mayor velocidad, seguridad y desempeño a los prestamistas automotrices, especialmente para los solicitantes con calificaciones crediticias más altas.
El CEO de Open Lending, Chuck Jehl, enfatizó que esta asociación proporciona una solución más inteligente, automatizada y personalizable que acelera el proceso de aprobación de solicitudes de préstamos, haciéndolo más eficiente tanto para prestamistas como para prestatarios.
Open Lending (NASDAQ: LPRO)는 자동차 대출을 위한 소득 검증 프로세스를 개선하기 위해 Point Predictive와 협력해 새로운 파트너십을 발표했습니다. 이 협력은 Point Predictive의 IEValidate™ 및 IncomePass™ 솔루션을 Open Lending의 Lenders Protection™ 대출 결정 엔진에 통합합니다.
이 통합은 대출 전환율을 높이고, 소득 증명(POI) 조건 없이 최대 70%의 신청 의사 결정을 가능하게 하며, 60%-80%의 부풀린 소득을 즉시 감지하고, 예약 전환율을 향상시키는 것을 목표로 합니다. 이 파트너십은 특히 신용 점수가 높은 지원자에게 자동차 대출자에게 더 빠르고 안전하며 성과를 높이는 것을 목적으로 합니다.
Open Lending의 CEO인 Chuck Jehl는 이번 파트너십이 대출 신청 승인 과정을 더욱 지능적이고 자동화되며 맞춤화할 수 있는 솔루션을 제공해 대출자와 차입자 모두에게 더욱 효율적으로 만든다고 강조했습니다.
Open Lending (NASDAQ: LPRO) a annoncé un partenariat avec Point Predictive pour améliorer son processus de vérification des revenus pour le financement automobile. Cette collaboration intègre les solutions IEValidate™ et IncomePass™ de Point Predictive dans le moteur de décision de crédit Lenders Protection™ d'Open Lending.
Cette intégration vise à augmenter les taux de conversion des prêts, à permettre jusqu'à 70 % des décisions de demande sans exigences de preuve de revenu (POI), à détecter instantanément entre 60 % et 80 % des revenus surévalués et à améliorer les taux de concrétisation. Le partenariat est conçu pour offrir une plus grande rapidité, sécurité et performance aux prêteurs automobiles, en particulier pour les candidats ayant des scores de crédit plus élevés.
Le PDG d'Open Lending, Chuck Jehl, a souligné que ce partenariat fournit une solution plus intelligente, automatisée et personnalisable qui accélère le processus d'approbation des demandes de crédit, le rendant plus efficace pour les prêteurs et les emprunteurs.
Open Lending (NASDAQ: LPRO) hat eine Partnerschaft mit Point Predictive angekündigt, um den Einkommenserfassungsprozess für Autofinanzierungen zu verbessern. Die Zusammenarbeit integriert die Lösungen IEValidate™ und IncomePass™ von Point Predictive in die Entscheidungsmaschine für Kredite Lenders Protection™ von Open Lending.
Diese Integration zielt darauf ab, die Kreditzusagequoten zu erhöhen, bis zu 70 % der Antragsentscheidungen ohne Einkommensnachweis (POI) zu ermöglichen, 60 % bis 80 % überhöhter Einkommen sofort zu erkennen und die Buchungsquoten zu steigern. Die Partnerschaft soll Autofinanzierern insbesondere für Antragsteller mit höheren Kreditwerten eine verbesserte Geschwindigkeit, Sicherheit und Leistung bieten.
Der CEO von Open Lending, Chuck Jehl, betonte, dass diese Partnerschaft eine intelligentere, automatisierte und anpassbare Lösung bietet, die den Genehmigungsprozess für Kreditanträge beschleunigt und ihn sowohl für Kreditgeber als auch für Kreditnehmer effizienter gestaltet.
- Partnership with Point Predictive to enhance income verification process
- Integration of IEValidate™ and IncomePass™ into Lenders Protection™ engine
- Potential to increase loan conversion rates
- Ability to enable up to 70% of application decisioning without POI stipulations
- Instant detection of 60%-80% of inflated incomes
- Potential to boost look-to-book and loan capture rates
- None.
Automotive lending enablement provider to increase loan conversion and paystub fraud prevention via new software integration
Unreliable applicant income information and proof of income (POI) stipulations often slow down the approval process and can lead to lower closure ratios on auto loan applications, but the Point Predictive integration now gives Open Lending customers a way to quickly validate income and employment. Generally, for applicants with a higher credit score, the system will deliver POI verification without relying on easy-to-forge paystubs, enabling lenders to:
- Increase loan conversion rates.
-
Enable up to
70% of application decisioning without POI stipulations or manual intervention. -
Instantly detect
60% -80% of inflated incomes. - Boost look-to-book and loan capture rates by automating POI and removing the friction of POI stipulations.
"We're proud to have established this partnership with Open Lending to offer their customers the most effective income and employment validation solutions on the market," says Tim Grace, CEO of Point Predictive. "With IEValidate and IncomePass, lenders do not need to require or provide onerous income and employment documentation to widen their lending reach. IEValidate offers the best coverage and hit rates of any solution, an affordable cost, and zero friction for borrowers and lenders. By removing the friction from the process, lenders can increase their conversion rates and safely expand their book of business. The teamwork between the companies has already enabled IEValidate across a long list of lenders."
"For our lender customers, using paystubs and tax forms to validate income often causes delays and drives away borrowers,” said Open Lending CEO, Chuck Jehl. “By partnering with Point Predictive, we’re giving Lenders Protection users a smarter, more automated, and more customizable solution that speeds up the process, cuts costs, and provides more accurate assessments—ultimately making the loan application approval process more efficient for both lenders and borrowers. I am excited about this partnership and our ongoing commitment to driving innovative enhancements for our customers."
IEValidate and IncomePass are built seamlessly into Open Lending’s existing loan decisioning engine enabling its lender customers to safely and securely deliver approvals in just five seconds. With reduced stipulations and increased loan capture, the integration makes it simpler to bring financing opportunities to underserved near- and non-prime borrowers.
Learn more at openlending.com.
About Open Lending
Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders throughout
About Point Predictive
Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from our proprietary data repository, and decades of risk management expertise. The company's data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications. As a result, lenders can fund the majority of loans without requiring onerous documentation, such as paycheck stubs, utility bills, or bank statements, improving funding rates while reducing early payment default losses. Subsequently, borrowers get loans faster, and lenders realize a more profitable bottom line.
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Source: Open Lending Corporation
FAQ
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