Automation fintech Open Lending posted year-over-year increases in its certified loans despite industry headwinds as refinance volume grew and more credit unions and banks continue to sign onto its platform.

Total certified loans, or “certs,” increased 138.4% YoY and 6.3% sequentially to 49,332, accounting for about $1.3 billion in auto originations. Credit union and banks, which hold the lion’s share of total certs, increased 91% YoY to 36,367 certs.

Used vehicles accounted for 90.7% of certified loans, up from 85.4% one year ago. New-vehicle certs dropped to 9.3% from 14.6% a year ago, in line with industrywide manufacturing shortages.

In fact, the fintech’s top 10 customers, excluding OEMs, increased their certification volume 185% year-to-date when compared with the same reporting period last year, Chief Executive John Flynn said Wednesday during the company’s earnings call. Open Lending also signed on 16 new lenders in the third quarter, with four being Tier 1 accounts — or lenders with more than $1 billion in assets — two of which have assets over $8 billion.

“We’re very encouraged by the continued growth in our credit union and bank line, [which was] driven by the addition of new accounts, further penetrating existing customers and expansion of our refinance program,” Flynn said. “Momentum has also continued into the fourth quarter with 7 new contracts signed and nearly 20 have active implementations underway.”

Those new active implementations have go-live dates in the next 60 to 90 days, Chief Financial Officer Chuck Jehl added.

On the refinance side, certified loans accounted for 28.9% of total certs, up from 15.8% in Q3 2020. Open Lending onboarded 11 new accounts and now has more than 40 banks and credit unions acting as funding sources for refi channels, Flynn said. The company’s largest credit union partner, which last quarter dropped its floor credit score to 560 from 620, has seen around 5x increases in refi origination volume, Flynn said.

Meanwhile, OEM certs, which are generated from two unnamed captive financiers, jumped 693.9% YoY to 12,957. Combined growth year to date clocked in at 205%, President and Chief Operating Officer Ross Jessup said on the call.

The first OEM saw 38% YoY growth in Q3 when compared with the same reporting period last year, Jessup said, but he offered little detail on the second OEM, which went offline during the COVID-19 pandemic and returned in October 2020. Open Lending expanded terms to 75 months in early April 2021, and those terms represent 17% of originations since that date, he noted.

Shares of Open Lending [Nasdaq: LPRO] were trading at $29.37 at market close on Thursday, up 6.9% from market open. The fintech has a market capitalization of $3.6 billion.