Open Lending Signs OE Federal Credit Union to Lenders Protection™ Program
Open Lending, a provider of auto loan analytics and risk-based pricing, has partnered with OE Federal Credit Union to implement its Lenders Protection™ program. This collaboration aims to expand auto lending options for OE Federal's members, primarily in the construction trades, addressing historical lending challenges. The Lenders Protection™ program utilizes advanced analytics to enable lenders to increase near and non-prime auto loan volumes while managing risk effectively. This partnership is expected to support OE Federal's mission to better serve its extensive union member base.
- Partnership with OE Federal Credit Union expected to enhance auto lending services.
- Lenders Protection™ program allows for increased near and non-prime auto loan volumes.
- Open Lending's proprietary technology aids in managing risk effectively.
- None.
OE Federal Credit Union of California signs with Open Lending
AUSTIN, Texas, Nov. 23, 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 OE Federal Credit Union, a
OE Federal Credit Union is the country’s largest labor-based credit union, serving union members in the construction trades. Gabriel Ybarrolaza, Vice President of Lending, explains, “Our members work long hours and are subject to seasonal work. OE Federal’s mission is to provide services to these members and their families. Open Lending allows us to expand auto lending that has historically been a challenge.”
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, says, “We are honored to partner with OE Federal Credit Union. We know that the Lenders Protection™ program will help expand their auto lending offerings, ultimately supporting them in their mission to serve more 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.
OE Federal Credit Union
OE Federal was founded in 1964 in the union hall of Operating Engineers Local #3 with one simple goal: to provided union members a better alternative to banks. The union members needed a financial institution that understood the challenges of the construction trade. Today OE Federal serves over 125 union groups with more than 85,000 members nationwide. “OE Federal is here to help because we are union family, and our family deserves the best.”
Media Contact
Ginny Goertz | ggoertz@openlending.com
FAQ
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