Open Lending Signs Noble Federal Credit Union to the Lenders Protection™ Program

Rhea-AI Summary

Open Lending (NASDAQ: LPRO) has partnered with Noble Federal Credit Union, a $1.019 billion institution in Fresno, CA, to enhance financial services for its members. This collaboration will utilize Open Lending’s Lenders Protection™ program, aiming to safely increase near and non-prime auto loan volumes. The initiative reflects Open Lending's commitment to empowering credit unions by providing robust analytics and risk management solutions, enabling them to serve more members effectively.

Positive

• Partnership with Noble FCU to expand services.
• Utilization of Lenders Protection™ to boost auto loan volumes.
• Enhanced risk management for lenders.

Negative

• None.

Noble FCU partners with Open Lending to serve more members

AUSTIN, Texas, March 24, 2021 (GLOBE NEWSWIRE) -- Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. The company announced today that Noble Federal Credit Union, a $1.019 billion institution based in Fresno, CA has selected Open Lending’s Lenders Protection™ program to expand their reach, allowing them to serve more members and their community.

“We treat members with kindness, dignity and honor. We do the right thing by helping members make sound financial decisions,” said Richard Wendt, SVP, Lending/Chief Lending Officer at Noble Federal Credit Union.  “We look forward to our partnership with Open Lending as it will allow us to serve more members with the dignity they deserve.”

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.

Matt Roe, chief revenue officer at Open Lending stated, “It is important for credit unions to have the support they need to serve more members in a way that is safe and profitable. We are proud to be able to offer the Lenders Protection™ program to Noble FCU to do just that. Open Lending has always had a mission to serve the underserved, which makes our new relationship with Noble FCU a valuable partnership for both organizations. We look forward to all that we can accomplish together.”

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.

Noble Federal Credit Union
Noble Federal Credit Union, offers their over 100,000 members full access to a wide range of financial services and education, from their eight branch locations and their digital platforms.  Celebrating their 80^th anniversary, Noble Federal Credit Union continues serve their members by treating them with dignity, honor, and respect.

Media Contact
Ginny Goertz | ggoertz@openlending.com

 

FAQ

What is the significance of Open Lending's partnership with Noble FCU?

Open Lending's partnership with Noble FCU enables the credit union to expand its services and better serve its members, particularly in providing more auto loans.

What does the Lenders Protection™ program offer?

The Lenders Protection™ program provides loan analytics, risk-based pricing, and default insurance to help lenders increase auto loan volumes without significantly adding risk.

How will the partnership affect Open Lending's growth?

The partnership is likely to enhance Open Lending's market presence by showcasing its solutions, potentially attracting more credit unions seeking similar benefits.

What are the financial implications of the partnership for Noble FCU?

The partnership may allow Noble FCU to serve more members, leading to increased loan volumes and a more profitable auto loan portfolio.