{"id":755577,"date":"2023-05-05T08:18:58","date_gmt":"2023-05-05T12:18:58","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/"},"modified":"2023-05-05T08:18:58","modified_gmt":"2023-05-05T12:18:58","slug":"sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/","title":{"rendered":"Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds<\/b><\/p>\n<p class=\"bwalignc\"><i>Automated decisioning, advanced risk analytics help credit union increase auto loan volume and build community focus following a smooth six-week implementation<\/i><\/p>\n<p>AUSTIN, Texas&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.openlending.com%2F&amp;esheet=53394326&amp;newsitemid=20230505005085&amp;lan=en-US&amp;anchor=Open+Lending&amp;index=1&amp;md5=37799fb1c8a8d650742d3a82e65b31fc\">Open Lending<\/a> Corporation (NASDAQ: LPRO) (\u201cOpen Lending\u201d or \u201cthe Company\u201d), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, today released the results of a case study that shows how the state of Washington\u2019s Sound Credit Union has grown its direct and indirect automotive loan volume and yield with Lenders Protection\u2122.<\/p>\n<p>\nSound Credit Union implemented Lenders Protection in just six weeks, allowing the credit union to book new, risk-mitigated automotive loans within its first month of using the program. The credit union now funds $1-3 million in auto loans every month, with an average loan of $30,000. Its yield has increased 8% since booking these loans.<\/p>\n<p>\n\u201cThis was one of the smoothest implementations we\u2019ve ever done, well worth the results and dollars that we put on our books,\u201d said Tammie Atoigue, Vice President of Consumer Lending at Sound Credit Union.<\/p>\n<p>\nWith Open Lending, Sound Credit Union has found new opportunities to build on its community-centered mission. Using Lenders Protection\u2019s risk analytics powered by both federated and alternative data, the credit union has been able to better assess borrower potential and unlock service to qualified near-prime borrowers formerly excluded by traditional underwriting methods.<\/p>\n<p>\n\u201cWe have a heavy focus on addressing challenges our communities are up against,\u201d Atoigue said. \u201cWe were seeing people in our community pay 25-30% at \u2018buy here pay here\u2019 lots for a car that was going to break down. Then they would struggle to come up with money for unexpected repairs. Lenders Protection helps us put borrowers in reliable cars with reasonable rates and payments they can afford.\u201d<\/p>\n<p>\nThe program\u2019s full-service lending capabilities have also helped Sound Credit Union strengthen its relationships with local dealerships. Since implementing Lenders Protection, Sound receives more prime and non-prime loans in the indirect channel from dealers in the Puget Sound area, including dealers the credit union had never seen loans from before.<\/p>\n<p>\nAtoigue also noted how the Lenders Protection platform streamlines the collections process. With an easy-to-use interface and direct access to claims administrators, Sound Credit Union has not had to add any new employees to its collections team to facilitate the program. \u201cFiling claims is extremely easy,\u201d Atoigue said.<\/p>\n<p>\nSound\u2019s direct loans are processed using MeridianLink Consumer Classic LOS, a robust platform with access to many third-party integrations, including an out-of-the-box integration with Lenders Protection.<\/p>\n<p>\n\u201cWhere some LOS\u2019s, especially custom ones, can take months or even years to incorporate new technology, MeridianLink Consumer Classic and Modern Experience LOS are practically self-service,\u201d said Matt Moody, Vice President of IT Integrations at Open Lending. \u201cThe implementation is more of an activation that takes place with a few clicks inside your existing system. It doesn\u2019t require planning meetings or a team.\u201d<\/p>\n<p>\nMeridianLink\u2019s standardized platform makes Lenders Protection easy to implement. It can be activated within minutes and automated based on custom user-determined parameters. Full implementation typically takes between four and six weeks and seamlessly integrates with MeridianLink to deliver results without adding complexity or friction to the loan underwriting and funding process.<\/p>\n<p>\nOpen Lending will highlight these capabilities at the MeridianLink LIVE User Forum in Anaheim, California from May 8-11. Visit our team at booth #13.<\/p>\n<p>\nTo learn more about Lenders Protection, read Sound Credit Union\u2019s <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.openlending.com%2Fsound-credit-union-uses-open-lending-to-expand-loan-availability-to-underserved-near-prime-borrowers%2F&amp;esheet=53394326&amp;newsitemid=20230505005085&amp;lan=en-US&amp;anchor=full+testimonial&amp;index=2&amp;md5=059655d806e1dd4a359d8632dd0ff736\">full testimonial<\/a> or visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.openlending.com&amp;esheet=53394326&amp;newsitemid=20230505005085&amp;lan=en-US&amp;anchor=www.openlending.com&amp;index=3&amp;md5=b2150ba6087cfeaea66242a63a483421\">www.openlending.com<\/a>.<\/p>\n<p><b>About Open Lending<\/b><\/p>\n<p>\nOpen Lending (NASDAQ: LPRO) provides loan analytics, risk-based pricing, risk modeling and default insurance to auto lenders throughout the United States. For 20 years we have been empowering financial institutions to create profitable auto loan portfolios with less risk and more reward. For more information, please visit <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.globenewswire.com%2FTracker%3Fdata%3DeGf6XCjLFy_YGscQd5C1kqkeaPB4jUjXCS87LOCqXPFiCT0E_PuuTjTCWSnN8CQ-iKuLidN1-SuLam1FS6qv2LfOnu553LzVwBNUD5aTn0o%3D&amp;esheet=53394326&amp;newsitemid=20230505005085&amp;lan=en-US&amp;anchor=www.openlending.com&amp;index=4&amp;md5=ffb6cd65024c00669d64d1979382e8cb\">www.openlending.com<\/a>.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230505005085r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230505005085\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230505005085\/en\/<\/a><\/span><\/p>\n<p>\nAlison Smith for Open Lending<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:openlending@ink-co.com\">openlending@ink-co.com<br \/>\n<\/a><\/p>\n<p>Investor Relations Inquiries<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:openlending@icrinc.com\">openlending@icrinc.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> California Texas United States North America<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Data Management Banking Automotive Technology Professional Services General Automotive Asset Management Data Analytics Software Insurance Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230505005085\/en\/1784926\/3\/Asset_44.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds Automated decisioning, advanced risk analytics help credit union increase auto loan volume and build community focus following a smooth six-week implementation AUSTIN, Texas&#8211;(BUSINESS WIRE)&#8211;Open Lending Corporation (NASDAQ: LPRO) (\u201cOpen Lending\u201d or \u201cthe Company\u201d), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, today released the results of a case study that shows how the state of Washington\u2019s Sound Credit Union has grown its direct and indirect automotive loan volume and yield with Lenders Protection\u2122. Sound Credit Union implemented Lenders Protection in just six weeks, allowing the credit union to book new, risk-mitigated automotive loans within its first month of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-755577","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds Automated decisioning, advanced risk analytics help credit union increase auto loan volume and build community focus following a smooth six-week implementation AUSTIN, Texas&#8211;(BUSINESS WIRE)&#8211;Open Lending Corporation (NASDAQ: LPRO) (\u201cOpen Lending\u201d or \u201cthe Company\u201d), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, today released the results of a case study that shows how the state of Washington\u2019s Sound Credit Union has grown its direct and indirect automotive loan volume and yield with Lenders Protection\u2122. Sound Credit Union implemented Lenders Protection in just six weeks, allowing the credit union to book new, risk-mitigated automotive loans within its first month of &hellip; Continue reading &quot;Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-05T12:18:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230505005085r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds\",\"datePublished\":\"2023-05-05T12:18:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\\\/\"},\"wordCount\":716,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/cts.businesswire.com\\\/ct\\\/CT?id=bwnews&amp;sty=20230505005085r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\\\/\",\"name\":\"Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/","og_locale":"en_US","og_type":"article","og_title":"Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds - Market Newsdesk","og_description":"Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds Automated decisioning, advanced risk analytics help credit union increase auto loan volume and build community focus following a smooth six-week implementation AUSTIN, Texas&#8211;(BUSINESS WIRE)&#8211;Open Lending Corporation (NASDAQ: LPRO) (\u201cOpen Lending\u201d or \u201cthe Company\u201d), an industry trailblazer in lending enablement and risk analytics solutions for financial institutions, today released the results of a case study that shows how the state of Washington\u2019s Sound Credit Union has grown its direct and indirect automotive loan volume and yield with Lenders Protection\u2122. Sound Credit Union implemented Lenders Protection in just six weeks, allowing the credit union to book new, risk-mitigated automotive loans within its first month of &hellip; Continue reading \"Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/","og_site_name":"Market Newsdesk","article_published_time":"2023-05-05T12:18:58+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230505005085r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds","datePublished":"2023-05-05T12:18:58+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/"},"wordCount":716,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230505005085r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/sound-credit-unions-auto-loan-yield-jumped-8-after-implementing-open-lendings-lenders-protection-case-study-finds\/","name":"Sound Credit Union\u2019s Auto Loan Yield Jumped 8% After Implementing Open Lending\u2019s Lenders Protection\u2122, Case Study Finds - 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