Open Lending Signs Members 1st Federal Credit Union to the Lenders Protection™ Program
Open Lending (NASDAQ: LPRO) has partnered with Members 1st Federal Credit Union to implement its Lenders Protection™ program, enhancing auto loan offerings for members. Members 1st, a $5.3 billion institution in Pennsylvania, aims to better serve nearly 500,000 members through this partnership. The Lenders Protection™ platform uses advanced analytics for risk assessment, allowing lenders to provide competitively priced loans while managing portfolio risks effectively. This collaboration promises to empower Members 1st in delivering financial solutions tailored to their members' needs.
- Partnership with Members 1st FCU expands auto loan offerings.
- Implementation of the Lenders Protection™ program enhances loan risk management.
- Provides opportunity to serve a wider member base with competitively priced loans.
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Members 1st FCU partners with Open Lending to expand auto loan offerings to more members
AUSTIN, Texas, Dec. 16, 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 Members 1st Federal Credit Union, a
Since its establishment in 1950, Members 1st has been dedicated to serving its members through support, empowerment, and meaningful relationships. Senior Vice President, Consumer Lending, Jeff Ernst, explains, “At Members 1st, we have a vision to deliver everything our members need to live well financially through all of life’s moments and milestones. Open Lending will allow us to serve more members’ auto loan needs as we continue delivering unparalleled experiences to our member-owners.”
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.
“Our goal is to empower our clients to serve more members,” said Matt Roe, Chief Revenue Officer at Open Lending. “By implementing the Lenders Protection™ program, Members 1st will have a powerful and safe way to provide competitively priced auto loans to a wider range of members.”
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.
Members 1st Federal Credit Union
Members 1st FCU serves nearly half a million members through its network of almost 60 branch locations throughout Central Pennsylvania, as well as its robust digital banking and call center channels. To learn more about Members 1st, visit www.members1st.org or call (800) 283-2328.
Media Contact
Ginny Goertz | ggoertz@openlending.com
FAQ
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