SelectConnect now offers Open Lending’s Lenders Protection risk management program
ATLANTA (March 23, 2016) – CRIF Select, a division of CRIF Lending Solutions and leading provider of indirect lending solutions, has partnered with Open Lending and announced its SelectConnect technology will now fully integrate with Open Lending’s Lenders Protection risk management program.
This integration will provide loan officers with technology that instantaneously delivers an insured alternative for loans that would be conditioned or denied due to down payment requirements or term limits. Lenders Protection allows financial institutions to reduce the risk associated with non-prime lending while strengthening dealer relationships that will result in more volume and higher yields. Based in Austin, Texas, Open Lending specializes in loan analytics, risk-based pricing, risk modeling and automated decision technology for automotive lenders throughout the United States.“Excelling at the highest levels of today’s indirect lending market requires technology that provides growth opportunities while also streamlining the lending process,” said Jeremy Engbrecht, President, CRIF Select division, CRIF Lending Solutions. “Partnering with Open Lending for its Lenders Protection program is the latest example of our renewed commitment to setting the industry standard for indirect lending solutions.”
CRIF Select specializes in indirect auto lending partner programs. Its integrated, technology-based solutions make loan approvals faster, more accurate and virtually paperless, delivering lower costs for institutions and better service for their customers and members. With state-of-the-art technology, experienced call center support and loan processing services, Select offers user-friendly, value-added solutions for every phase of the indirect auto lending process.
“We are excited about our new integration with SelectConnect,” said Ross Jessup, CFO and COO, Open Lending, LLC. “This interface provides the automation necessary to return a decision to the lender and dealer without any rekeying and within a few seconds. Speed and consistent underwriting are critical to having a successful indirect program.”
About CRIF Lending Solutions
CRIF Lending Solutions is the nation’s largest provider of loan and account origination, business process outsourcing, credit decisioning, data access, and lending and marketing analytics solutions to a number of the most successful U.S. financial institutions including banks, credit unions, finance companies, retailers and credit card processors. CRIF Lending Solutions is organized into four dedicated divisions: CRIF Achieve, CRIF ACTion, CRIF Select, and CRIF Synergy. CRIF Lending Solutions is a part of CRIF, the leading global company specializing in the development and management of decision support systems. For more information, visit www.criflendingsolutions.com.
About Open Lending, LLC
Founded in 2000, Open Lending is located in Austin, Texas. The company specializes in providing web-based pricing and underwriting technology that helps financial institutions approve auto loans for borrowers who don’t meet typical underwriting standards. Open Lending’s flagship product, Lenders Protection®, provides a software platform that integrates automated loan default insurance underwriting, risk-based loan pricing and portfolio yield targets with indemnity insurance provided by a highly rated insurance carrier. For more information, visitwww.openlending.com.