Open Lending signs 71 financial institutions into lender protection program in 2021
AUSTIN, Texas, January 10, 2022 (GLOBE NEWSWIRE) – Open Lending Corporation (NASDAQ: LPRO) (“Open Lending” or “the Company”), a leading provider of lending and risk analysis solutions to financial institutions, today announced that it has signed 71 new Lenders Protection ™ accounts in 2021, including 18 since October 1, 2021.
“The average size of our signed lenders in 2021 exceeded $ 1.2 billion in total assets, demonstrating the value proposition of our platform and our continued momentum as we approach 2022,” said Matt Roe, Revenue Director of Open Lending. “We are excited about these new relationships and are ready to help these lenders serve their communities across the country with fair and competitive rates.”
Lenders Protection, the flagship product of Open Lending, is a risk management program providing default insurance coverage for both near and non-preferred auto loans. This unique auto loan activation platform uses proprietary data and advanced decision analytics to provide lenders with a powerful way to increase auto loan volumes without adding significant risk.
Lender Protection allows auto lenders to model their specific overhead and financing 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.
About open loans
Open Lending (NASDAQ: LPRO) provides loan analysis, risk-based pricing, risk modeling, and default insurance to auto lenders across the United States. For more than 20 years, they have enabled financial institutions to build profitable auto loan portfolios by saying “YES” to more auto loans. For more information, please visit www.openlending.com.
Ginny Goertz | [email protected]