Unidentified Analyst: Hi, this is Taylor on for JD. Maybe just to start on the 11 signed lenders for the quarter. Just curious if you’re mostly having success in signing new lenders on the bank or credit union side. And then just any additional commentary on how OEM conversations are progressing as you’ve called out multiple large prospects in the pipeline recently?
Chuck Jehl: Yes. Yes, you bet. So, in the quarter, the 11 accounts that we signed, 10 of those were credit unions in the quarter, and one was a bank or a finance company that we’re targeting under our 24 priorities and initiatives. We’ve got – as we talked about, we’ve got a robust pipeline and a new team there pursuing those bank customers. So, it’s underpenetrated, and we want to do more in that space. And I was answering Joe’s question earlier about the bank. And it is a more complex integration and cycle. So, we’re hopeful we’ll have certs later this year, but we also – those things take time. So, banks are more active as OEMs increase their market share with incentives today. So that’s another opportunity for us under the bank channel.
And so yes, I mean, credit unions were 10 of the 11. But I think what we’re most proud of and our team’s work is of those 11 new accounts or customers, about third of those actually got integrated online and had their first cert in the quarter, which is pretty phenomenal by the team and the work there. So, we’re really focused there on getting to first revenue faster.
Unidentified Analyst: Got it. Good to hear. And then maybe just as a follow-up, just any update on your expectations for refi certs throughout the year. It looks like they declined about 6% year-over-year and declined sequentially. And obviously, I understand it’s rate dependent, but just curious to hear what you expect given the higher for longer commentary.
Chuck Jehl: Yes. Yes. And real quick, I got to refi. I’ll answer your OEM question. I don’t think I did a good job there on the last part, but the OEM opportunity still is out there. It is – the pipeline is as strong as ever in the conversations, and we continue to sell into that channel as well and very excited about that. So, as we’ve done in the past is we were talking about OEMs in past tense as we sign them up and not speculating, but still a great opportunity for us. And then the follow-up question there was on – can you repeat the back end of that?
Unidentified Analyst: Yes, it’s all on refi, general refi.
Chuck Jehl: Yes. Refi is – we’ve talked about it, we need rates to stabilize, which they have. We’ve not seen an action, I think, since July or August of last year. And our refi partners, it’s like a 6 – call it, 4 to 6-month stabilization, which we’ve now seen and our volume was, call it, a little less than 4% in Q1, down from, call it, 8% last year in Q1. So, we’ve seen the stabilization. But the bigger issue is what I was on the previous question is really through our credit unions, our – the lending capacity of some of our larger customers that are still having constraints and challenges. When that works through, we’ll have an opportunity again in the refi business, and it’s not if it’s when and that will get worked through. But those challenges need to kind of work out first, even in a declining rate environment.
Unidentified Analyst: Great. Thanks for taking the questions.
Chuck Jehl: Thank you.
Operator: [Operator Instructions] At this time, there are no further questions. I would now like to turn the conference back over to Chuck Jehl for any closing remarks.
Chuck Jehl: Okay. Again, thank you for joining us today, and thank you to the Open Lending team for delivering these positive results in the first quarter of 2024. I hope everybody has a great evening. Thank you.
Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.
