A+ Federal Credit Union of Texas signs with Open Lending.
AUSTIN, Texas, Aug. 13, 2020 (GLOBE NEWSWIRE) -- Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. They announced today that A+ Federal Credit Union, a $1.9 billion institution based in Austin, TX, has signed with Open Lending to implement their Lenders Protection™ program.
“At A+FCU, we strive every day to make a positive financial impact on our members’ lives,” said John Demmler, A+FCU Chief Lending Officer. “Through our new partnership with Open Lending, we can offer our members an alternative to high-interest rate car loans. It’s one more way that we are helping our members and building stronger communities.”
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 know that the Lenders Protection™ program will support A+ Federal Credit Union in their mission to be financial advocates for their members. Our program will allow them to strengthen their relationships by serving more members, without adding significant risk to their auto loan portfolio.”
About Open Lending Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For 20 years they have been empowering financial institutions to create profitable auto loan portfolios by saying “yes” to more automotive loans. For more information, please visit www.openlending.com.
About A+ Federal Credit Union A+ Federal Credit Union was founded in 1949 by 50 Austin, Texas teachers. Over seventy years later, A+FCU has over 168,000 members throughout the community, over $1.9 billion in assets, over 460 employees, and 22 branches. A+FCU continues to have close relationships with local schools and provides free financial education curricula for educators, engaging financial education presentations for students, real-life money management simulations for youth, high school branch locations, and unique financial products designed for teachers.
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Source: Open Lending