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Press release content from Globe Newswire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Globe Newswire
Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Open Lending Signs Interra Credit Union to the Lenders Protection™ Program

December 21, 2020 GMT

AUSTIN, Texas, Dec. 21, 2020 (GLOBE NEWSWIRE) -- Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. They announced today that Interra Credit Union, a $1.3 billion institution based in Goshen, IN, has signed with Open Lending to implement their Lenders Protection™ program.

“The members’ needs are always the top priority at Interra,” said David Dekker, SVP of Consumer Services at Interra Credit Union. “We are excited about our partnership with Open Lending as it will allow us to serve more members, which is paramount to our mission of being our members’ most trusted and valued financial resource.”

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Open Lending’s flagship product, Lenders Protection™, is a unique auto lending enablement platform. It utilizes proprietary data and advanced decisioning analytics to provide lenders with a powerful way to increase near and non-prime auto loan volumes, without adding significant risk to their auto loan portfolio. Lenders Protection™ allows auto lenders to model their specific overhead and funding 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.

“It is a critical focus at Open Lending to help institutions serve more members,” said Matt Roe, Chief Revenue Officer at Open Lending. “The Lenders Protection™ program will support Interra’s mission to meet more members’ needs while strengthening their reputation as a trusted financial partner.”

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.

Interra Credit Union
At Interra Credit Union, we believe it is important to give life to the words- to “walk the talk” in the products and services we provide and in the way we serve our members. We believe that we are also part of a “bigger picture” in the credit union movement. And, we believe we need to give back to our communities for the privilege of doing business. The difference shows.

Media Contact
Ginny Goertz | ggoertz@openlending.com