CU Direct Connect Releases New Technology Which Enables Credit Unions to Review and Fund More Auto Loans
Proprietary “Opportunity Pool” Technology Grants Greater Visibility and Access to Credit Unions Seeking to Fund More Broadly in Auto Lending
CENTENNIAL, CO (July 11, 2013) — CU Direct Connect (CUDC) announces strong application and funded auto loan growth in the first half of 2013. A portion of this growth is attributed to the release of proprietary technology internally titled “The Opportunity Pool” which enables Credit Unions to fund more auto loans based on their pre-set criteria.
Through June 30, 2013, CUDC’s application volume is up 20% over the prior year same period. Year to date, CUDC’s funding volume is up 23% YOY and its Member/Shareholder Equity increased at an annualized rate of +13% in the first six months of the year.
Blair Korschun, CUDC’s President/CEO, stated “We are proud of the continued growth and value creation that we are bringing to our participating credit unions, their members and to our auto dealer partners. We expect to see strong growth continue in the second half of the year based on our improving market share and from new innovations like the Opportunity Pool that we are bringing to the market”.
In June, CUDC introduced an innovative new approach to what is known in the lending industry as a “Turn-down pass-through program”. Darren Lorentz, CIO, stated that “With numerous credit unions in the CUDC program, there is a good chance that one might issue an approval where another issued a denial. Our new Opportunity Pool creates the forum so our credit unions can quickly and seamlessly identify and decision previously denied applications. This technology is a win-win for all parties. The feedback from our credit unions and dealers alike has been extremely positive”.
For more information regarding CUDC member benefits for credit unions and auto dealer partners visit us online at www.CUDirectConnect.com. Consumers interested in an auto loan or joining a local credit union may visit www.GetACreditUnionLoan.com.
About CU Direct Connect
CU Direct Connect (CUDC) is a non-profit credit union service organization providing state of the art vehicle lending and origination funding platforms utilized by credit union members and auto dealer partners. The organization based in Colorado was formed in late 2002 and currently serves approximately 35 credit unions for vehicle lending which support the auto dealer partners in the CUDC program. CUDC, through its member credit unions, is collectively the largest auto lender in CO YTD through June 30, 2013. For additional information visit us online at www.CUDirectConnect.com.