We’re expanding our partnership with Open Lending Corporation to the benefit of borrowers and (now) captive automotive lenders. The expansion includes an integration with Open Lending’s Lenders Protection™ platform, making it available to all of defi’s U.S. originations clients.
LATEST UPDATE: Further expansion into Canada is also on the 2022 radar.
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.
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 implementation 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.