AUSTIN, Texas, Sept. 14, 2020 (GLOBE NEWSWIRE) – Open Lending Corporation (NASDAQ: LPRO), a leading provider of credit analysis, risk-based pricing, risk modeling, and default insurance for auto lenders in the United States, announced today that Sound Credit Union (Sound), a US $ 2.1 billion Tacoma, WA-based institution, has signed with Open Lending to implement its Lenders Protection ™ program.
Since its inception in 1940, Sound has been dedicated to the financial well-being of its members by providing high quality products and services. Senior Vice President, Chief Lending Officer, Lyman Williams said, “At Sound, our goal is to guide you through all of life’s waves. Our partnership with Open Lending enables us to offer our members auto loans at reasonable interest rates. Lenders Protection ™ will be a great resource that Sound and our members will benefit from. ”
Open Lending’s flagship product, Lenders Protection ™, is a unique automatic lending platform. It leverages proprietary data and advanced decision analysis to provide lenders with a powerful way to grow near- and non-prime auto loan volumes without significantly jeopardizing their auto loan portfolio. Lenders Protection ™ enables auto lenders to model their specific overheads and financing costs and set a target ROA for their insured portfolio. The result is a profitable auto loan portfolio with carefully managed price and risk characteristics.
Matt Roe, Open Lending’s Chief Revenue Officer, said, “We are delighted that Sound Credit Union is implementing the Lenders Protection ™ program. We know it will help Sound in its mission to expand its trusted financial support to more members. “
About open credits
Open Lending offers credit analysis, risk-based pricing, risk modeling and default insurance through its flagship product, Lenders Protection, to ensure profitable auto loan portfolios for financial institutions in the United States. For more information, please visit www.OpenLending.com.
About the solid credit union
Sound Credit Union was founded in 1940 and is now one of the largest credit unions in Washington State. With 29 full-service branches across the Puget Sound area, Sound provides authentic and trustworthy financial assistance and services to nearly 135,000 members. Sound is driven by the intent to guide members, staff, and the community through all of life’s waves.
Ginny Goertz | [email protected]