WESTLAKE, Texas – AutoRemarketing
For captive finance companies interested in buying paper lower on the credit spectrum, assistance is coming later this year from defi SOLUTIONS, which recently announced expansion of its partnership with Open Lending.
The service providers highlighted the expansion includes an integration with Open Lending’s Lenders Protection platform for captives via the defi XLOS originations product.
Lenders Protection offers near- and non-prime consumers the lowest contract rates and best terms their risk profile will allow.
Using Lenders Protection, captives can increase their origination volume beyond normal prime financing guidelines to help the underserved, while earning higher yields.
The Lenders Protection integration is currently available to finance companies on the defi LOS product.
The providers also mentioned Lenders Protection also cab captives and other finance companies potentially reduce the financial impact of current expected credit loss reporting (CECL), which is changing how originators account for credit losses in the allowance for loan and lease losses (ALLL).
According to a news release, the defi XLOS integration of Lenders Protection will become available during the second quarter 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,” defi SOLUTIONS chief strategy officer Charles Sutherland said in the news release.
Ross Jessup is president and chief operating officer at Open Lending.
“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,” Jessup said.
Continue reading here: https://www.autoremarketing.com/subprime/defi-solutions-open-lending-expand-partnership-help-captives
