WESTLAKE, Texas–(BUSINESS WIRE)–defi SOLUTIONS is pleased to announce the expansion of its partnership with Open Lending Corporation (NASDAQ: LPRO) for the benefit of captive automotive borrowers and lenders.

The extension includes integration with Open Lending’s Lenders Protection™ platform for captives through the defi XLOS origination product. Lender Protection provides nearby and non-preferred borrowers the lowest loan rates and best terms their risk profile will allow. With lender protection, captives can increase their lending volume beyond normal prime lending guidelines to help the underserved, while earning higher returns. Lender protection integration is currently available for finance companies on the defi LOS product.

Lender protection will also help lenders potentially reduce the financial impact of the current statement of expected credit losses (CECL), which changes the way lenders account for credit losses in the allowance for loan and lease losses ( ALLL).

Lenders Protection’s defi XLOS integration will be available from Q2 2022 and will be the core of the new defi ORIGINATIONS platform scheduled for delivery later in 2022.

“We are excited to extend the benefits of this great partnership with Open Lending to all of our originating customers. Our first shared XLOS client implementation is underway, and we look forward to more to come shortly,” said Charles Sutherland, Chief Strategy Officer, defi SOLUTIONS.

“Our top priority at Open Lending is to provide our credit unions, banks, captive finance partners and ultimately privileged and disadvantaged emerging customers with a seamless, fast and viable lending solution through our unique, two-year-long decades, unmatched and market tested. Lender protection solution. We have successfully partnered with defi since 2017, and look forward to enhancing our relationship to help bring next-generation LOS solutions like defi XLOS to our customers,” said Ross Jessup, President and COO. , Open Lending.

About SOLUTIONS challenge

defi SOLUTIONS offers lenders a complete end-to-end solution for the loan or lease lifecycle. Partnering with captives, banks, credit unions and finance companies, defi’s market-leading solution helps lenders exceed borrower expectations. From digital engagement to the full lending process, defi sets new standards for flexibility, configurability and scalability in set-ups and service (by your experts or ours). For more information, please visit www.defisolutions.com.

About Open Loan

Open Lending (NASDAQ: LPRO) provides loan analytics, 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 “yes” to more auto loans. For more information, please visit www.openlending.com.