Open Lending Signs A+ Federal Credit Union to Lenders Protection™ Program

Rhea-AI Summary

Open Lending (NASDAQ: LPRO) announced a partnership with A+ Federal Credit Union, a $1.9 billion institution in Austin, TX, to implement their Lenders Protection™ program. This program aims to provide members with alternatives to high-interest car loans, enhancing financial accessibility. Lenders Protection™ utilizes advanced analytics to help lenders expand auto loan volumes while managing risk effectively. The Chief Revenue Officer, Matt Roe, emphasized that this partnership will strengthen A+FCU's member relationships without significantly increasing risk.

Positive

• New partnership with A+ Federal Credit Union enhances lending capabilities.
• Lenders Protection™ program enables lower-risk alternative loans for consumers.
• Increased potential for profitable loan portfolios through advanced analytics.

Negative

• None.

AUSTIN, Texas, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. They announced today that A+ Federal Credit Union, a $1.9 billion institution based in Austin, TX, has signed with Open Lending to implement their Lenders Protection™ program.

“At A+FCU, we strive every day to make a positive financial impact on our members’ lives,” said John Demmler, A+FCU Chief Lending Officer. “Through our new partnership with Open Lending, we can offer our members an alternative to high-interest rate car loans. It’s one more way that we are helping our members and building stronger communities.”

Open Lending’s flagship product, Lenders Protection™, is a unique auto lending enablement platform. It utilizes proprietary data and advanced decisioning analytics to provide lenders with a powerful way to increase near and non-prime auto loan volumes, without adding significant risk to their auto loan portfolio. Lenders Protection™ allows auto lenders to model their specific overhead and funding costs and set a target ROA for their insured portfolio. The result is a profitable auto loan portfolio with carefully managed pricing and risk characteristics.

Chief Revenue Officer of Open Lending, Matt Roe, said, “We know that the Lenders Protection™ program will support A+ Federal Credit Union in their mission to be financial advocates for their members. Our program will allow them to strengthen their relationships by serving more members, without adding significant risk to their auto loan portfolio.”

About Open Lendin
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.

About A+ Federal Credit Union
A+ Federal Credit Union was founded in 1949 by 50 Austin, Texas teachers. Over seventy years later, A+FCU has over 168,000 members throughout the community, over $1.9 billion in assets, over 460 employees, and 22 branches. A+FCU continues to have close relationships with local schools and provides free financial education curricula for educators, engaging financial education presentations for students, real-life money management simulations for youth, high school branch locations, and unique financial products designed for teachers.

Contact:

ICR for Open Lending
Investors
openlending@icrinc.com

Source: Open Lending

FAQ

What is Open Lending's recent partnership about?

Open Lending recently partnered with A+ Federal Credit Union to implement their Lenders Protection™ program, aimed at providing better auto loan options for members.

How does Lenders Protection™ help auto lenders?

Lenders Protection™ uses proprietary data and analytics to increase auto loan volumes while managing risk, allowing lenders to offer low-interest loans.

What are the benefits of Lenders Protection™ for consumers?

The program offers consumers an alternative to high-interest car loans, making financing more accessible.

What is the focus of A+ Federal Credit Union's collaboration with Open Lending?

A+FCU aims to help its members achieve positive financial outcomes through this partnership, enhancing their lending options.

What financial institution signed with Open Lending recently?

A+ Federal Credit Union signed with Open Lending to implement the Lenders Protection™ program.