Open Lending Signs Sound Credit Union to Lenders Protection™ Program
September 14 2020 - 8:30AM
Open Lending Corporation (NASDAQ: LPRO), a leading provider of loan
analytics, risk-based pricing, risk modeling and default insurance
to auto lenders throughout the United States, today announced that
Sound Credit Union (Sound), a $2.1 billion institution based in
Tacoma, WA, has signed with Open Lending to implement their Lenders
Protection™ program.
Since its establishment in 1940, Sound has been dedicated to its
members financial well-being by providing quality products and
services. Senior Vice President, Chief Lending Officer, Lyman
Williams, explains, “At Sound, our purpose is to stand with you
through all waves of life. Our partnership with Open Lending allows
us to offer our membership auto loans with reasonable interest
rates. Lenders Protection™ will be a great resource that will
benefit Sound and our members.”
Open Lending’s flagship product, Lenders Protection™, is a
unique auto lending enablement platform. It utilizes proprietary
data and advanced decisioning analytics to provide lenders with a
powerful way to increase near and non-prime auto loan volumes,
without adding significant risk to their auto loan portfolio.
Lenders Protection™ allows 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.
Chief Revenue Officer of Open Lending, Matt Roe, said, “We are
excited to have Sound Credit Union implement the Lenders
Protection™ program. We know it will support Sound in their
mission to extend their trusted financial support to more
members.”
About Open LendingOpen Lending,
through its flagship product, Lenders Protection, offers loan
analytics, risk-based pricing, risk modeling and default insurance,
ensuring profitable auto loan portfolios for financial institutions
throughout the United States. For more information, please
visit www.OpenLending.com.
About Sound Credit UnionSound Credit Union was
founded in 1940 and today is one of Washington State’s largest
credit unions. With 29 full-service branch locations throughout the
Puget Sound area, Sound provides their nearly 135,000 members with
authentic and trusted financial support and services. Sound is
driven by the purpose of standing with members, employees, and the
community through all waves of life.
Media ContactGinny Goertz |
ggoertz@openlending.com
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