Algebrik AI and Open Lending Partner on Auto Loan Decisioning Solution

Algebrik AI and Open Lending partnered to provide auto loan decisioning capabilities that are designed to enable credit unions and community lenders to confidently extend credit to near- and non-prime borrowers.

The companies are integrating access to Open Lending’s Lenders Protection platform into Algebrik’s Loan Origination System (LOS), according to a Monday (Aug. 11) press release.

The combination allows credit unions to use a single interface to access Open Lending’s decisioning engine for evaluating near- and non-prime applicants, receive real-time decisions, and automatically surface stipulations tied to counteroffers within the lending workflow of Algebrik’s LOS, according to the release.

“With Open Lending now embedded in Algebrik’s LOS, lenders can reach underserved borrowers while maintaining the operational efficiency and compliance they demand,” Algebrik AI founder and CEO Pankaj Jain said in the release.

Open Lending Chief Product Officer Josh Marcy said in the release that the collaboration “aligns with our vision for the future of inclusive, data-driven auto lending.”

“The Algebrik integration leverages best practice automation capabilities and a dynamic user experience, offering fast and accurate automatic decisions that accelerate loan originations for our mutual customers,” Marcy said.

Open Lending reported in May that it facilitated 27,638 certified loans during the first quarter, while earning total revenue of $24.4 million.

Open Lending CEO Jessica Buss said in a May 7 earnings release: “We are honored to continue serving over 400 lender customers and their communities and have taken actions in an effort to further enhance our customers’ experience.”

Algebrik said in February that it partnered with Plaid to integrate that company’s consumer-permissioned data into Algebrik’s loan origination platform.

The companies said the combination allows for easier identity verification, financial data access, and better decision making for lenders and borrowers.

“Credit unions are the lifeblood of financial inclusion, and we’re excited to bring them cutting-edge technology that enhances their ability to serve their members by incorporating cash flow data into credit decisions,” Jain said at the time in a press release. “Partnering with Plaid allows us to reimagine the loan origination process — faster, more secure and deeply personalized for every borrower.”