ARLINGTON, Va.--(BUSINESS WIRE)--NAFCU Services has selected Open Lending, LLC, a nationwide provider of automated lending services, as the Preferred Partner for their Automotive Loan Decision Platform. Open Lending joins the distinguished group of NAFCU Services Preferred Partners, carefully selected by three panels of leading credit union CEOs.
The Lenders Protection Program is a unique automotive lending program for direct and indirect loans that empowers credit unions to increase near- and non-prime automotive loan volumes and yields without adding risk to their loan portfolio. Lenders Protection combines sophisticated risk-based pricing models, configured to each lender’s individual cost factors and financial targets, with loan default insurance provided by two AM Best “A” rated third party insurance companies.
"Open Lending brings an extremely valuable and trusted solution to credit unions, giving them the crucial ability to confidently approve more automotive loans. This platform improves member satisfaction and protects the financial institution's assets. We are very proud to partner with such an innovative and driven company," said Randy Salser, President of NAFCU Services Corporation.
"We are thrilled to join forces with an organization so committed to strengthening credit unions. Since our earliest days, credit unions have been an integral part of who we are, who we serve, and how we develop our products. We are proud to partner with the NAFCU community, and to continue offering our knowledge base and services to the industry," stated John Flynn, Co-Founder, President, and CEO of Open Lending.
About NAFCU Services
NAFCU Services is a wholly-owned subsidiary of the National Association of Federally-Insured Credit Unions (NAFCU). For over 40 years, NAFCU Services has been connecting credit unions to the best industry partners. These companies deliver vetted solutions in areas such as technology, security, risk management, operations, insurance, payments, and more. Combined, these partners support virtually 100% of all credit unions. For more information, visit www.nafcu.org/nafcuservices and follow on Twitter.
About Open Lending
Founded in 2000, Open Lending, LLC works exclusively with automotive lenders by providing loan analytics, risk-based pricing, risk modeling and automated decision technology. Based in Austin, Texas, the company services over 365 financial institutions nationwide. To learn more about Open Lending, visit www.openlending.com and follow on LinkedIn, Facebook, Twitter, and Instagram.