Open Lending Named Winner of 2023 NAFCU Innovation Award
04 Diciembre 2023 - 4:00PM
Business Wire
Open Lending’s enhanced Lenders Protection™
program expands auto lending inclusivity and improves loan
decisioning accuracy
Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or “the
Company”), an industry trailblazer in automotive lending enablement
and risk analytics solutions for financial institutions, has been
selected as a winner of the 2023 NAFCU Innovation Award for its
enhanced Lenders Protection™ scorecard. The awards program
recognizes companies making the most valuable and innovative
contributions to credit union success, including groundbreaking
advancements in technology and software.
“We are thrilled to have our enhanced Lenders Protection tool
acknowledged as an impactful solution for supporting credit unions
in the tumultuous automotive lending industry,” said Kevin Filan,
senior vice president of marketing at Open Lending. “After being
nominated as a finalist of the Credit Union Times LUMINARIES awards
and forming a new partnership with CUNA, this award is the latest
accolade in our mission to empower financial institutions in
serving the underserved. As many lower credit and new-to-credit
individuals are mistakenly viewed as too risky, the additional
alternative data attributes more accurately determine borrower risk
to allow many more Americans to build their financial well-being
while fostering long-term loyalty with their financial
institution.”
Since its inception in 2000, Open Lending has facilitated over
900,000 automotive loans valued in excess of $21 billion. By
harnessing over 20 years of proprietary and third-party data
through TransUnion and LexisNexis, Lenders Protection assesses the
probability of prepays, defaults, and default severity to produce a
more accurate risk score and competitive pricing backed by default
insurance. This cutting edge AI tool helps provide attainable loans
to deserving borrowers who are often overlooked by traditional
credit score models.
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 over 20 years we have been
empowering financial institutions to create profitable auto loan
portfolios with less risk and more reward. For more information,
please visit www.openlending.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20231204548986/en/
Alison Smith for Open Lending openlending@ink-co.com
Investor Relations Inquiries openlending@icrinc.com
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