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The Open Lending Automated Decisioning, Indemnity, and
Marketplace Platform
The Open Lending platform contains:
- A turnkey solution of hardware and software to automate loan underwriting,
risk controls and funding for portfolio lending.
- Automated decisioning and delivery of indemnity insurance that allows
Financial Institutions to provide and portfolio loans that would otherwise
be too risky.
- A network of non-competing alternate lenders that purchase declined
loans in real-time at the point-of-sale to help Financial Institutions
improve customer retention and generate additional revenue.
The Open Lending Platform enables Financial Institutions to:
- Maintain current business processes
- Automate current loan officers or Internet lending processes
- Use the most affordable Automated Lending Solution on the market
- Maintain internal control of automation
- Implement and deploy a real-time management reporting system
- Access everything via the Internet with unparalleled security and
availability
- Broaden lending bases through indemnity insurance
- Improve customer service through back-end lenders
- Say YES to more loans!
Why Open Lending?
Open Lending is a comprehensive automated decisioning software platform
and risk management software. Open Lending worked with bank and Financial
Institution executives, who know Financial Institution concerns, to develop
the software.
Open Lending provides the only platform to integrate automated decisioning
with indemnity insurance and an alternate lender marketplace, allowing Financial
Institutions to automate AND broaden their lending scopes at the same time.
Financial Institutions have the choice of which products they utilize. For
example, some may opt for decisioning only, others for decisioning and credit
insurance, and yet others could choose no decisioning but credit insurance
and the back-end marketplace.
Using Open Lending, institutions have the ability to automate and internally
maintain existing loan underwriting and pricing processes while delivering
loan decisions through both the web and branches within seconds.
There are no hard-coded limits to the number of lending products, reports
or attributes institutions can define, thus allowing a definitive granularity
in evaluating applications and maintaining lending objectives in different
lending areas. This enables time-sensitive changes and updates to be administered
quickly without requiring an offsite IT group to do so.
The customization of over 1400 attributes per loan type is exclusively available
with Open Lending. Underwriting guideline changes are deliverable to all
locations in under 90 seconds upon verbal approval and authorization during
business hours (7 a.m. - 7 p.m. M-F, CST).
Open Lending's entire loan-processing infrastructure, including access to
all three major credit bureaus, is provided through the Open Lending Platform
with customized functionality, reporting and access security.
About the Open Lending Platform
- A rules-based decisioning system using a lender's existing and future
criteria and pricing.
- Delivered through a Web-centric service that yields the speed and
savings of the Internet-sourced (ASP) model.
- Allows clients to define underwriting criteria, cutoff scores, decision
strategies, stipulations and product offerings on the desktop utilizing
the Rule Editor.
- Allows relationship pricing.
- System will underwrite the loan, calculate the interest rate, term
and payment and provide the list of loan stipulations, all according
to the lender's specifications.
- Configurable to offer credit insurance at the turndown of standard
loan parameters, and the system manages credit insurance applications,
docs, and premium payment.
- Configurable to offer alternate-lender products at the turndown of
standard loan parameters. The Open Lending Platform manages the handoff
to the alternate lender and all payment accounting.
- Institutions can access Open Lending for decisions made via any customer
acquisition channel, including loan officer desktops, websites, branches,
storefronts or call centers.
- Open Lending is online with all three major credit bureaus and can
automatically pull credit from a lender's preferred credit repository
for a single, dual or tri-merged report.
- The Open Lending Platform System Administration capability allows
client personnel to assign differing levels of access and functionality
by priority and skill across the entire client branch network to the
level of individual users. * Utilizing the System Administration Interface,
each client may determine which personnel may change underwriting rules,
submit applications, view credit reports, manually override decisions
and view and generate reports.
- Utilizing the Open Lending Report System, senior management is provided
a real-time report of any exceptions to the institution's lending policies.
- The system is scaleable and expandable and provides both the infrastructure
and the intelligence so businesses can increase speed to market, maintain
access to the latest decision technologies and reduce their own IT investment
over the long-run.
Contact us for more information.
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