Open Lending
Increase auto loan approvals with lenders protection. Integrated to the Temenos LMS loan origination module.
The Lenders Protection connector by Open Lending provides financial institutions with the ability to expand their auto-loan portfolio by offering an insured alternative for loans that would otherwise be declined. With Temenos LMS Origination, financial institutions can easily establish criteria that automatically directs loan applications within defined underwriting criteria to Lenders Protection for an instant decision and risk-based pricing quote.
Key Features
Seamless Connection
A real-time connection between the Loan Origination module and Lenders Protection allows institutions to submit applications to Lenders Protection automatically or through workflow steps within the system. Lenders Protection will evaluate the auto loan application and return a recommended decision within seconds. Users can then easily apply the Lenders Protection results to the application data or automatically create a counteroffer within the Loan Origination module.
New Lenders Protection Panel
This new panel allows users to submit an application to Lenders Protection which can be added to any new or existing screen. This panel will display the recommended decision from Lenders Protection, as well as provide access to the Approval Sheet which contains a decision, counter reasons (if countered), terms and stipulations.
Real-Time Interface
Financial institutions are able to automate sending the vehicle loans to Lenders Protection by using the system’s powerful rules engine, which also allows administrators to facilitate the processing of Lenders Protection actions, manage the processing of Lenders Protection results, and set the values of system fields required to transmit applications to Lenders Protection.
Benefits
Increase Auto Loan Portfolio
Financial institution auto loan portfolios can easily be expanded through the Lenders Protection connector as it boosts loan approvals by expanding credit approvals, reducing the loan by extending interest rates, down payments, and providing more favorable loan terms on applications that would otherwise be rejected by the institution. Lenders Protection minimizes the risk associated with these loans.
Decrease Redundant Data Entry
Information from the Temenos database is automatically sent to Lenders Protection and pre-populated on the screen. Terms created by Lenders Protection are also immediately transferred and saved within the Temenos system reducing the amount of manual data entry required.
Eliminate the Need for Multiple Software Applications
Eliminate the time wasted maneuvering between multiple screens and programs. All tools needed to send and receive auto loan data to Lenders Protection can be found directly within the Loan Origination module.