May 5, 2023
In 2019, Sound Credit Union, based in Tacoma, Washington, was searching for an auto lending solution that would help them provide better rates to their members while increasing profitability and expanding their portfolio.
To accomplish this, Sound looked to Open Lending and our Lenders Protection™ program, along with MeridianLink’s Consumer Classic Loan Origination System (LOS). Within six weeks, Sound’s portfolio expanded significantly.
Our case study detailing our partnership with Sound dives into how the credit union was able to quickly implement Lenders Protection and the positive results they’ve experienced since. Below is a brief look into some of our biggest takeaways.
Digital integration is a daunting process for any company. For banks and lenders, there’s even more risk in adopting new solutions and disrupting existing processes. But Sound seamlessly integrated Lenders Protection™ with their legacy MeridianLink Consumer Classic LOS, yielding advanced risk modeling within minutes. “As far as implementation goes, I think we were all pleasantly surprised,” Tammie Atoigue, Vice President of Consumer Lending at Sound Credit Union, said. “This was one of the smoothest implementations we’ve ever done, well worth the results and dollars that we put on our books.”
With Lenders Protection™ in place, Sound began rolling out a more efficient loan origination process. In line with their passion for helping members, Sound was able to support more borrowers throughout the car buying experience and provide approvals within five seconds.
And with Lenders Protection™ still in place, Sound has increased auto loan volume and yield by over 8% since 2019.
Lenders Protection™ helped Sound to expand their loan volume by identifying trustworthy borrowers outside of super prime and prime. Additionally, Sound started to pick up more indirect prime loans from dealerships in the community. In both situations, Open Lending’s advanced risk modeling, built on over 20 years of proprietary data and analytics, empowered Sound to experience less risk with more reward.
Above all, we made it possible for Sound to make the dream of car ownership a reality for more members and build strong relationships with local dealers. “After talking to other lenders using Lenders Protection™, I was confident it would help us become a more full-service lender. So far, it has diversified our portfolio, increased our yield, and – most importantly – enabled us to help people in our community,” Atoigue said.
Click here for the full case study.
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