Open Lending and defi SOLUTIONS announce expanded partnership
By Edlyn Cardoza
The expansion includes integration with Open Lending’s Lenders Protection platform for captives via the defi XLOS originations product. 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 earn higher yields. The Lenders Protection integration is currently available to finance companies on the defi LOS product.
Lenders Protection will also help lenders potentially reduce the financial impact of current expected credit loss reporting (CECL), 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 the 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.
IBSi Prime News
January 21, 2022
The Weekly Wrap: all you need to know by Friday COB | Jan 21stRead More
- Daily insightful news analysis
- Weekly snapshots of industry deals, events & insights
- Sectoral deep dives on the hottest FinTech trends
- Exclusive interviews featuring c-level executives who are shaping the industry
- Profiles of the most influential established and emerging companies in the sector
- Weekly global FinTech use cases
- Chart of the Week curated by IBSi’s Research Team
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage
Other Related News
January 20, 2022