Open Lending Corporation launched a partner integration with CreditSnap, a fintech platform that allows financial institutions to deliver lending and deposit account automation using pre-qualification technology, application programming interface (?API?) integrations and more. CreditSnap?s platform pairs with Open Lending?s loan decisioning engine, Lenders Protection?, to deliver a more seamless lending process, allowing financial institutions and OEM captive finance companies to provide informed loan decisions. The integration with CreditSnap provides Lenders Protection customers with both pre-qualification and firm loan underwriting capabilities, as well as an exchange for targeted marketing and other lead-driven sources.

The all-in-one platform pre-qualifies applicants, prices loans, routes qualified applicants to a loan origination system and enables third-party fulfillment. Lenders or refinance partners would typically need to supply a static rate sheet and keep it up to date. This new integration allows lenders to avoid the static rate sheet hassle, and instead rely on the off-the-shelf API integration to dynamically display accurate approvals to only pre-qualified applicants.

With Federal Reserve officials forecasting interest rate cuts in 2024, Open Lending?s integration with CreditSnap is positioned to help captive finance companies and auto lenders offer refinancing solutions with increased efficiency. The user-friendly platform offers complete workflow integration, targeted marketing capabilities and proactive risk management, allowing dealers to provide immediate and accurate loan approvals to customers seeking refinancing.