defi SOLUTIONS is pleased to announce the expansion of its partnership with Open Lending Corporation (NASDAQ: LPRO) to the benefit of borrowers and captive automotive lenders.
The expansion includes an integration with Open Lending's Lenders Protection™ platform for captives via the defi XLOS originations product. Lenders Protection offers near- and non-prime borrowers the lowest loan rates and best terms their risk profile will allow. Using Lenders Protection, captives can increase their lending volume beyond normal prime lending guidelines to help the underserved, while earning higher yields. The Lenders Protection integration is currently available to finance companies on the defi LOS product.
Lenders Protection will also help lenders potentially reduce the financial impact of current expected credit loss reporting (CECL), which is changing how lenders account for credit losses in the allowance for loan and lease losses (ALLL).
The defi XLOS integration of Lenders Protection will become available effective second quarter of 2022 and will be core to the new defi ORIGINATIONS platform scheduled for delivery later in 2022.
"We are pleased to extend the benefits of this great partnership with Open Lending to all our originations clients. Our first shared XLOS client impementation is underway, and we look forward to others coming on shortly," said Charles Sutherland, chief strategy officer, defi SOLUTIONS.
"Our top priority at Open Lending is to provide to our credit union, banks, captive finance partners and ultimately the emerging prime and disadvantaged customers a seamless, fast, and viable loan solution through our unique, two decade long, unmatched, market-tested Lenders Protection solution. We've successfully partnered with defi since 2017, and we are looking forward to elevating our relationship to help bring next generation LOS solutions like defi XLOS to our customers," said Ross Jessup, president and COO, Open Lending.
About defi SOLUTIONS
defi SOLUTIONS offers lenders an end-to-end, total solution for the loan or lease lifecycle. Partnering with captives, banks, credit unions, and finance companies, defi's market-leading solution helps lenders exceed borrower expectations. From digital engagement through the complete lending process, defi sets new standards for flexibility, configurability, and scalability in originations and servicing (by your experts or ours). For more information, please visit www.defisolutions.com.
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.
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