Open Lending was formed in 2000 in Austin, Texas to provide automated lending services to financial institutions. The company specializes in loan analytics, risk-based pricing, risk modeling and automated decision technology for automotive lenders throughout the United States. The company is privately owned.
Lenders Protection™ is a risk management program featuring default insurance coverage for near-prime and non-prime auto loans.
The Lenders Protection™ program is a unique auto lending enablement platform that allows financial institutions and other 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.
Earn higher yields with the assets you have
Take advantage of the existing application flows already being processed and increase return on assets and profitability.
Significantly increase your vehicle lending volumes
Provide more auto loans outside your normal prime lending guidelines and book more approved and conditioned loans.
Be up and running in weeks, not months
Lenders Protection™ is fast and easy to implement in 45 days or less, with no implementation fees or set-up costs.
Sophisticated analytics, customizable for your lending institution
As the lender, you control all credit decisions. Configure your own specific costs and desired ROA.
Fair lending compliant
The Lenders Protection™ program offers improved underwriting rules that identify qualified applicants in the near-prime and non-prime risk categories. It also includes an enhanced underwriting and pricing engine that allows the lender to approve and price individual loans to fit the portfolio design and profitability targets.
Pre-packaged third-party auto loan default insurance offered by two “A” rated carriers
High-quality default protection insurance allows you to mitigate, manage, and share risk effectively while still offering attractive rates.
Better service for borrowers
Reduce down payment requirements to help borrowers avoid expensive “buy here, pay here” dealers.
Improve auto dealer loan volumes and stronger relationships while expanding sales of auto loan related products (GAP waiver, warranty, insurance).
Companies that integrate with Open Lending
Each integration enriches the platform with data or features that provide comprehensive service and enhance the customer experience.
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Open to forming a new partnership? Contact firstname.lastname@example.org and we’ll help you facilitate integrations that will grow your business.
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