Open Lending, a premier provider of automated lending solutions and Lenders Protection default insurance, signed deals with 35 new clients in the first half of 2019.
“Open Lending is very pleased that so many credit unions are seeing the value in our offerings, from risk analysis to our Lenders Protection program that helps credit unions safely earn higher yields on loans to credit-challenged members,” Open Lending CEO John Flynn said. “Given the softening in the auto lending market, right now is a perfect time for credit unions to test the near- and non-prime waters.”
Open Lending Lenders Protection credit union clients earn 300% to 400% higher net ROA on their near- and non-prime portfolios than on their prime portfolios. Open Lending uses various alternative data and trends to determine credit unions’ best risks to take with members who don’t have an A credit profile, and they’re backed by Lenders Protection default insurance.
“Lenders Protection helps credit unions say ‘yes’ to more loans!” Flynn added. “It helps you earn more from those loans your credit union might otherwise turn away, and you help your member get a loan or save money on a refinancing while becoming their financial hero and partner.”
The credit unions joining Open Lending this year range in size from $15 million to $4.3 billion, demonstrating the value, affordability and return of the program to all sizes of credit unions, from Idaho to Virginia to Texas.
In the first half of 2019, Open Lending welcomed:
Advantage One Credit Union
Argent Federal Credit Union
Bellwether Community Credit Union
CME Federal Credit Union
Coulee Dam Federal Credit Union
Greater Eastern Credit Union
Henrico Federal Credit Union
Hutchinson Government Employees CU
On Tap Credit Union
Richfield-Bloomington Credit Union
Sebasticook Valley Federal Credit Union and dozens more.
John Flynn.