Members 1st FCU partners with Open Lending to expand car loan offerings to more members
AUSTIN, Texas, Dec. 16, 2020 (GLOBE NEWSWIRE) – Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling, and default insurance to auto lenders across the States- United. They announced today that Members 1st Federal Credit Union, a $ 5.3 billion institution based in Mechanicsburg, Pa., Has signed with Open Lending to implement its Lenders Protection â¢ program.
Since its inception in 1950, Members 1st has been committed to serving its members through support, empowerment and meaningful relationships. Senior Vice President, Consumer Credit, Jeff Ernst, explains, âAt Members 1st, we have a vision to provide everything our members need to live well financially through all times and stages of life. Open Lending will allow us to meet the auto loan needs of more members while continuing to provide unparalleled experiences for our member-owners.
Open Lending’s flagship product, Lenders Protection â¢, is a unique automatic loan activation platform. It uses proprietary data and advanced decision analytics to provide lenders with a powerful way to increase close and non-senior auto loan volumes, without adding significant risk to their auto loan portfolio. Lenders Protection â¢ allows auto lenders to model their overhead and specific financing 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.
âOur goal is to enable our clients to serve more members,â said Matt Roe, Director of Revenue at Open Lending. “By implementing the Lenders Protection â¢ program, Members 1st will have a powerful and secure way to provide competitively priced auto loans to a wider range of members.”
About open loans
Open Lending (NASDAQ: LPRO) provides loan analysis, risk-based pricing, risk modeling, and default insurance to auto lenders across the United States. For 20 years, they have enabled financial institutions to build profitable auto loan portfolios by saying âyesâ to more auto loans. For more information, please visit www.openlending.com.
Members 1st Federal Box
Membership 1st FCU serves nearly half a million members through its network of nearly 60 branches in central Pennsylvania, as well as its strong digital banking and call center channels. To learn more about Members 1st, visit www.members1st.org or call (800) 283-2328.
Ginny Goertz | [email protected]