Open Lending Signs US Eagle FCU to Lenders Protection™ Program

Rhea-AI Summary

Open Lending (NASDAQ: LPRO) has announced a partnership with US Eagle Federal Credit Union, a $1.1 billion institution in Albuquerque, NM, to implement their Lenders Protection™ program. This collaboration aims to enhance auto lending capabilities, allowing US Eagle to increase near and non-prime auto loan volumes while managing risk effectively. Open Lending's platform utilizes advanced analytics for better decision-making, contributing to profitable auto loan portfolios. This partnership reflects Open Lending's commitment to empowering financial institutions for over 20 years.

Positive

• US Eagle Federal Credit Union, a $1.1 billion institution, has partnered with Open Lending to use Lenders Protection™, enhancing auto lending capabilities.
• The Lenders Protection™ program allows US Eagle to increase near and non-prime auto loan volumes without significantly raising risk.
• Open Lending's advanced analytics platform supports lenders in managing their portfolios profitably.

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• None.

AUSTIN, Texas, July 14, 2020 /PRNewswire/ -- 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 US Eagle Federal Credit Union, a $1.1 billion institution based in Albuquerque, NM, has signed with Open Lending to implement their Lenders Protection™ program.

As New Mexico's longest-standing, member-owned credit union, US Eagle Federal Credit Union has provided value and financial stability for their members for nearly 85 years. Chief Lending Officer, Steve Jefferies, explains, "US Eagle's mission is to create a world where people matter more than numbers.  Allowing more members to experience the joy of buying a new or used car is one of the ways that we live that mission every day.  I am thrilled that our new collaboration with Open Lending will allow us to share that joy with more of our members!"

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.

President/CEO of Open Lending, John Flynn, said, "We are pleased to have US Eagle sign with Open Lending.  We are proud that they have chosen to partner with us 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.

About US Eagle Federal Credit Union
US Eagle Federal Credit Union is New Mexico's longest-standing, member-owned credit union. Founded in 1935, US Eagle has been recognized by Forbes as one of the state's best credit unions, offering a full suite of financial products and services. With nine locations in Albuquerque, Bernalillo, Farmington, and Santa Fe, nearly 80,000 members and assets of more than one billion, US Eagle is where people matter more.

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SOURCE Open Lending

FAQ

What is Open Lending's partnership with US Eagle Federal Credit Union about?

Open Lending has partnered with US Eagle Federal Credit Union to implement the Lenders Protection™ program, enhancing auto lending capabilities.

What benefits does the Lenders Protection™ program offer?

The Lenders Protection™ program allows lenders to increase near and non-prime auto loan volumes while effectively managing risk.

How long has Open Lending been in operation?

Open Lending has been empowering financial institutions for over 20 years.

What is the financial status of US Eagle Federal Credit Union?

US Eagle Federal Credit Union is a $1.1 billion institution based in Albuquerque, NM.

What does Open Lending provide to auto lenders?

Open Lending provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders in the United States.