Open Lending Signs Interra Credit Union to the Lenders Protection™ Program

Rhea-AI Summary

Open Lending (NASDAQ: LPRO) has partnered with Interra Credit Union to enhance auto loan offerings through the Lenders Protection™ program. This collaboration aims to meet the needs of more members by leveraging Open Lending's advanced risk-based pricing and loan analytics. Interra, a $1.3 billion credit union in Indiana, seeks to strengthen its reputation and profitability by serving near and non-prime auto loan customers. This partnership aligns with Open Lending's mission of empowering financial institutions, positioning LPRO for potential growth in the auto lending sector.

Positive

• Partnership with Interra Credit Union aims to expand auto loan offerings.
• Lenders Protection™ program designed to increase near and non-prime loan volumes.
• Open Lending's advanced analytics could lead to a more profitable loan portfolio.

Negative

• None.

Interra CU partners with Open Lending to meet more members’ auto loan needs

AUSTIN, Texas, Dec. 21, 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 Interra Credit Union, a $1.3 billion institution based in Goshen, IN, has signed with Open Lending to implement their Lenders Protection™ program.

“The members’ needs are always the top priority at Interra,” said David Dekker, SVP of Consumer Services at Interra Credit Union. “We are excited about our partnership with Open Lending as it will allow us to serve more members, which is paramount to our mission of being our members’ most trusted and valued financial resource.”

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.

“It is a critical focus at Open Lending to help institutions serve more members,” said Matt Roe, Chief Revenue Officer at Open Lending. “The Lenders Protection™ program will support Interra’s mission to meet more members’ needs while strengthening their reputation as a trusted financial partner.”

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.

Interra Credit Union
At Interra Credit Union, we believe it is important to give life to the words- to “walk the talk” in the products and services we provide and in the way we serve our members. We believe that we are also part of a “bigger picture” in the credit union movement. And, we believe we need to give back to our communities for the privilege of doing business. The difference shows.

Media Contact
Ginny Goertz | ggoertz@openlending.com 

FAQ

What is the significance of Open Lending's partnership with Interra Credit Union?

The partnership allows Interra to enhance its auto loan offerings, catering to more members while improving profitability through Open Lending's Lenders Protection™ program.

How does the Lenders Protection™ program work?

The program utilizes proprietary data and risk-based pricing to help lenders increase auto loan volumes without adding significant risk to their portfolios.

What is Open Lending's primary service focus?

Open Lending specializes in loan analytics, risk modeling, and default insurance for auto lenders, helping them create profitable loan portfolios.

What is the potential impact of this partnership on LPRO's stock?

The partnership may increase LPRO's market presence and revenue streams by facilitating more auto loans, especially in the near and non-prime segments.