Irvine, Calif., May 09, 2022 (GLOBE NEWSWIRE) — Origence, a brand of CU Direct, today announced that it provided a record amount of loans to credit unions through its lending platforms during the first quarter of 2022.
Credit unions funded a record 403,258 loans through the Origence Consumer LOS and CUDL lending platforms in the first quarter of 2022, a 21% year-over-year increase, generating $13.4 billion dollars of loans to credit unions.
Origence also reported continued credit union growth and market strength in using its CUDL auto lending network to create indirect lending. Credit unions using the CUDL network remain the largest auto lender in the nation as a whole, reporting loan growth of 16.3% through February, according to AutoCount data. The CUDL network includes 16,000 car dealerships nationwide.
Origence said used vehicles account for 76% of all cars funded through the CUDL system year-to-date, with the remaining 24% being new vehicles.
“Credit unions continue to be a strong force in the auto loan market,” said Tony Boutelle, President and CEO of Origence. “We remain focused on delivering innovative lending technology that helps our credit union partners make more loans and provide a better member experience.”
During the first quarter, 1,157 credit unions, serving 64 million members, used Origence’s industry-leading lending technology solutions, including its CUDL and Consumer LOS platforms, Origence Lending Services, Origence marketing and the AutoSMART automatic purchasing program.
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Origence, a brand of CU Direct, provides loan technology that improves the origination experience to increase loan volume, create efficiencies and grow accounts. With Origence, financial institutions can offer consumer and indirect lending with increased levels of productivity and scale, while providing a convenient and personalized borrower experience. Solutions also include marketing automation, automatic purchases, loan transactions, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.