Origence Delivers Record Number of Credit Union Loans for Second Straight Quarter in 2022
Lenders using the CUDL Auto Lending Network Experience 20.8% YoY Growth
CENTENNIAL, CO (July 26, 2022) — Origence, a CU Direct brand, today announced that it had delivered a record amount in credit union loans through its lending platforms in the second quarter of 2022.
Credit unions funded a record 1.3 million loans through the Origence Consumer LOS and CUDL lending platforms in the second quarter of 2022, a 23 percent year-over-year increase, generating $39.5 billion in credit union loans.
Credit unions using the CUDL Network funded 610,819 auto loans through the first five months of 2022, and remain the largest auto lender in the nation as an aggregate, experiencing 20.8 percent loan growth through May, according to data from AutoCount.
Credit unions on the CUDL Network are outpacing the loan growth of the remaining top 10 lenders noted by data from AutoCount, and are the only lender experiencing double-digit growth year-to-date. 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 demonstrate their ability to gain market share in the auto lending marketplace,” said Tony Boutelle, president and CEO of Origence. “Our foremost focus is delivering innovative lending technology that helps our credit union partners make more loans, create a better member experience, and gain a competitive marketplace edge.”
Through the second quarter, 1,132 credit unions, serving 64 million members nationwide, 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.
About Origence
Origence provides lending technology solutions credit unions need to advance their total origination experience. We were established in 1994 as a credit union service organization (CUSO) and have helped thousands of credit unions process more than 88 million applications for $551 billion in funded loans. Our solutions include indirect lending, loan and account origination, auto shopping, marketing automation, lending operations, and more. Origence was named the 2023 CUSO of the year by NACUSO. Learn more at www.origence.com and follow us on X and LinkedIn.
