Irvine, California, May 09, 2022 (GLOBE NEWSWIRE) — Origence, a CU Direct brand, today announced that it had delivered a record amount in credit union loans through its lending platforms in 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 percent year-over-year increase, generating $13.4 billion in credit union loans.
Origence also reported continued credit unions’ growth and market strength using its CUDL auto lending network to originate indirect loans. Credit unions using the CUDL Network remain the largest auto lender in the nation as an aggregate, experiencing 16.3 percent loan growth through February, according to data from AutoCount. The CUDL Network includes 16,000 auto dealers nationwide.
Origence reported that used vehicles comprise 76 percent of all cars financed through the CUDL system year to date, with the remaining 24 percent being new vehicles.
“Credit unions continue to be a strong force in the auto lending marketplace,” 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 deliver a better member experience.”
Through the first quarter, 1,157 credit unions, serving 64 million members, utilized Origence’s industry-leading lending technology solutions, including its CUDL and Consumer LOS platforms, Origence Lending Services, Origence marketing automation platform, and AutoSMART auto shopping program.
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Origence, a CU Direct brand, provides lending technology that elevates the origination experience to increase loan volume, create efficiencies, and grow accounts. With Origence, financial institutions can originate consumer and indirect loans with greater levels of productivity and increased scale, while also delivering a convenient and personalized borrower experience. Solutions also include marketing automation, auto shopping, lending operations, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.