AUSTIN, Texas – Open Lending has welcomed the $9 billion VyStar Credit Union of Jacksonville, Florida, one of the nation’s largest and most innovative credit unions, to its client list.
“VyStar’s mission is to bring credit union services to more consumers, ” VyStar CU Chief Lending Officer Jenny Vipperman explained.
“We work to deepen our relationship with all members and believe that an insured auto lending program will help us achieve this objective.”
Joining VyStar’s senior leadership team in 2017 as an industry veteran, Vipperman was looking for a sound method to provide a deeper analytic process beyond credit score to loan money. “Having been a previous client with Open Lending and its Lenders Protection program, this is a great match for VyStar,” she further explained.
Open Lending harnesses the power of data to better predict loan performance, and it’s backed by Open Lending’s flagship product, Lenders Protection, which provides default insurance, so credit union leaders can feel greater confidence and security – for the credit union, its members and its regulators – in making loans to members with lower credit scores. Lenders Protection allows credit unions to reach more members with the goal of helping them rehabilitate their credit while generating higher yields on the loans credit unions make and lifelong loyalty from the members they assist.
“We’re very pleased to have VyStar Credit Union sign on with Open Lending,” Open Lending CEO John Flynn said. “It’s a great credit union with a pure credit union mission: to serve more consumers. But lenders cannot always do this on their own. We’re proud VyStar has placed its trust in us to say ‘yes’ to more car loan applications it’s already receiving.”
Vipperman added, “We also want to use Open Lending to reach more members who may not be applying with us because they may have been turned down before. Open Lending is an attractive alternative for us. The deep analytic process used by Open Lending, plus the insurance, makes it the right process to use for members who may not otherwise qualify for a loan.”
“We’re excited about this opportunity for our members to receive the funding for the things they want and need for themselves and family,” Vipperman concluded.
Open Lending, LLC works exclusively with automotive lenders by providing loan analytics, risk-based pricing, risk modeling and automated decision technology. Based in Austin, Texas, the company serves more than 400 financial institutions nationwide. Through its proprietary technology, the Lenders Protection Program, financial institutions leverage powerful tools and customized analytics to underwrite direct and indirect loan approval decisions in seconds. Lenders are empowered to increase near and non-prime automotive loan volumes and yields with the protection of A-rated insurance carriers, preventing additional risk to their loan portfolio. Founded in 2000, Lenders Protection, LLC, is a wholly owned subsidiary of Open Lending, LLC.
ABOUT VYSTAR CREDIT UNION
VyStar Credit Union is the 16th largest credit union in the nation and the largest credit union headquartered in Northeast Florida. VyStar serves over 675,000 members, with assets totaling more than $9 billion. They are currently the largest mortgage lender in Northeast Florida and the largest new and used auto lender for the northern half of Florida. VyStar membership is open to everyone who lives or works in the 49 contiguous counties of Central to North Florida and the Southeast Georgia Counties of Camden, Charlton, Glynn and Ware.