Open Lending has launched a partner integration with fintech platform CreditSnap to enable lenders to deliver informed decisions and navigate refinance requirements.

Based in the US, Open Lending offers loan analytics, risk-based pricing, risk modelling, and default insurance to auto lenders throughout the country. The firm focuses on automotive lending enablement and risk analytics solutions for financial institutions.

Through the collaboration, CreditSnap’s platform will integrate with Open Lending’s loan decisioning engine, Lenders Protection, to offer a more seamless lending process.

This will enable financial institutions and original equipment manufacturer (OEM) captive finance companies to deliver informed loan decisions.

Besides, the integration with CreditSnap will deliver Lenders Protection customers both pre-qualification and firm loan underwriting capabilities and an exchange for targeted marketing and other lead-driven sources.

The all-in-one platform not only pre-qualifies applicants and determines loan pricing but also directs qualified applicants to a loan origination system and facilitates third-party fulfillment.

Open Lending IT Integrations vice president Matt Moody said: “As the first partner to fully integrate both pre-qualified and full-loan request underwriting workflows with Lenders Protection, CreditSnap facilitates risk analysis early in the lending process, resulting in funded loans with 100% look-to-book.

“With real-time, dynamic approvals, the lender gets only the applicants they want, and there are no surprises. This partnership is a valuable asset to our mission to help lenders drive vehicle accessibility without adding unnecessary risk.”

Established in 2017, CreditSnap helps financial institutions to deliver lending and deposit account automation using pre-qualification technology, application programming interface (API) integrations, and others.

The firm is said to have processed more than 2.7 million loan and deposit applications and delivered efficiency and automation in account opening operations for financial institutions.

CreditSnap CEO Deepak Polamarasetty said: “At CreditSnap, we’re committed to re-imagining how lending and deposit automation can be delivered to credit unions’ and banks’ customers.

“With this partnership with Open Lending, we’re excited to deliver instant answers from their Lenders Protection program to credit unions’ loan applicants and thereby allow automation in that lending journey.”