Open Lending Corporation, a provider of automotive lending enablement and risk analytics solutions for financial institutions, has formed a partnership with Point Predictive. Designed to bring enhanced speed, security, and performance to automotive lenders, the partnership integrates the capabilities of Point Predictive’s new IEValidate solution, and IncomePass solution into Open Lending’s Lenders Protection loan decisioning engine.
Unreliable applicant income information and proof of income (POI) stipulations often slow down the approval process and can lead to lower closure ratios on auto loan applications, but the Point Predictive integration now gives Open Lending customers a way to quickly validate income and employment. Generally, for applicants with a higher credit score, the system will deliver POI verification without relying on easy-to-forge paystubs, enabling lenders to:
“For our lender customers, using paystubs and tax forms to validate income often causes delays and drives away borrowers,” said Open Lending CEO, Chuck Jehl. “By partnering with Point Predictive, we’re giving Lenders Protection users a smarter, more automated, and more customizable solution that speeds up the process, cuts costs, and provides more accurate assessments—ultimately making the loan application approval process more efficient for both lenders and borrowers. I am excited about this partnership and our ongoing commitment to driving innovative enhancements for our customers.”
Tim Grace, CEO of Point Predictive said he’s proud of the partnership.
“With IEValidate and IncomePass, lenders do not need to require or provide onerous income and employment documentation to widen their lending reach, He said. “…By removing the friction from the process, lenders can increase their conversion rates and safely expand their book of business.”