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			The Open Lending Platform is the most affordable, comprehensive automated decisioning software platform and risk management software available. With the help of experienced bank and credit union executives, we developed both our software and our business model to meet our goal of making the benefits of automated loan decisioning affordable and available to all institutions. Open Lending's business model centers around helping financial institutions maximize the value of existing customers and reduce new customer acquisition cost by providing financial institutions with the software tools necessary to automate their core lending process. Additionally, Open Lending has assembled a network of secondary lenders to instantly "bid" on any loans that do not fit the primary lending criteria of a referring institution. These secondary lenders use the same Open Lending automation tools as the referring institution. This process begins when a referring institution elects not to fund a specific loan; at this point, the consumer's information is instantly and anonymously compared against the secondary lenders' criteria and real time offers are made either directly to the consumer or to the referring institution for purchase of the loan. The benefits for a referring institution include: Savings associated with lending automation Incremental revenue from placement fees on loan applications that were previously classified as turndowns Incremental revenue from sale of ancillary products on referred loan Contact us today to find out how we can help your institution.
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