Royal CU partners with Open Lending to grow their auto loan portfolio
AUSTIN, Texas, Jan. 12, 2021 (GLOBE NEWSWIRE) -- Open Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. The company announced today that Royal Credit Union, a $3.3 billion institution based in Eau Claire, WI, has selected Open Lending’s Lenders Protection™ program to help grow their auto lending portfolio.
“Royal Credit Union is a values-driven organization focused on making a positive impact in the lives we touch,” said Mike Dill, EVP-Chief Lending Officer at Royal Credit Union. “We are excited to partner with Open Lending to meet the needs of our Members and strengthen our position as a trusted and valued financial partner.”
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 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.
“We are proud to partner with Royal CU in their mission to be a positive force in their members’ lives,” said Matt Roe, Chief Revenue Officer at Open Lending. “The Lenders Protection™ program’s robust analytics will allow them to strengthen relationships with members by offering competitive rates, while still increasing auto loan volume and yields.”
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.
Royal Credit Union
Royal Credit Union is a federally insured credit union proudly serving over 220,000 Members in Minnesota and Wisconsin. Royal is driven by a core ideology built on a strong purpose and values. You can open an account or apply for a low-rate loan at Royal Credit Union if you live or work in 26 counties in western Wisconsin or 16 counties in Minnesota. Counties served in Wisconsin include Adams, Ashland, Bayfield, Barron, Buffalo, Burnett, Chippewa, Clark, Douglas, Dunn, Eau Claire, Jackson, Lincoln, Marathon, Pepin, Pierce, Polk, Portage, Price, Rusk, Sawyer, St. Croix, Taylor, Trempealeau, Washburn, and Wood. Counties served in Minnesota include Anoka, Carver, Chisago, Dakota, Goodhue, Hennepin, Isanti, Olmsted, Pine, Ramsey, Scott, Sherburne, Wabasha, Washington, Winona and Wright. Realtors in the state of Wisconsin or Minnesota are also eligible to join the credit union. Visit rcu.org or call Royal Credit Union at 800-341-9911 for more information.
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Source: Open Lending Corporation