AUSTIN, Texas—Open Lending, LLC, provider of the Lenders Protection® program, announced today that it has partnered with Great Southern Bank ($4.1B assets) headquartered in Springfield, MO. Lenders Protection® is a sophisticated risk-based pricing and default insurance program that allows financial institutions to serve more customers by providing insurance against losses on new and used automobile loans funded through direct or indirect lending channels.
Lenders Protection® will provide Great Southern with the risk-based pricing tool necessary to allow the Bank to safely approve, price and fund more near-prime automobile loans. For many financial institutions, the general features in this program offer an opportunity to significantly expand current risk-based lending guidelines, reduce or eliminate down payment requirements, and extend loan terms, therefore, allowing a financial institution to increase buying power and funding ratios.
“The Open Lending partnership provides Great Southern Bank with outstanding technology and robust financial analytics to allow the Bank to safely serve many more customers than before,” said Jana House, Vice-President of Consumer Lending. “Our lending footprint extends over an 8 State region, and with Lenders Protection, we are now poised for significant growth of our auto lending program.”
Since 2004, more than $2 billion in auto loans has been underwritten and insured through Lenders Protection®. Open Lending, LLC is partnered with AmTrust Financial Services, Inc., a multi-national provider of property and casualty insurance and its principal underwriting subsidiaries are each rated “A” (Excellent) by A.M. Best.
With Lenders Protection®, financial institutions always maintain control of credit decisions, loan servicing and collections, portfolio yield targets and risk-based pricing configurations. These critical functions are never delegated to a third party.
“In today’s market, many lenders are experiencing flat or declining loan volume, shrinking interest margins and decreasing net income. Lenders Protection allows lenders to buy more auto loans, reduce the risk and strengthen dealer relationships that will result in more volume and higher yields,” said John Flynn, CEO of Open Lending, LLC
About Great Southern Bank:
Great Southern Bank was founded in 1923, with a $5,000 investment. Today, it has grown to $4.1 billion in total assets, nearly 1,300 dedicated associates serving 166,000 households. Headquartered in Springfield, Mo., the Company operates 113 offices in eight states, including 109 retail banking centers in Missouri, Arkansas, Iowa, Kansas, Minnesota and Nebraska, three commercial loan offices in Dallas, Texas, Tulsa, Okla., and Overland Park, Kansas, and one home loan office in Springfield, Mo. Great Southern offers one-stop shopping with a comprehensive lineup of financial services that give customers more choices for their money.
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.