Origence delivers record number of credit union loans in first quarter of 2022
Credit Unions on the CUDL Auto Lending Network Remain Nation’s Top Auto Lender
CENTENNIAL, CO (May 6, 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 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.
Origence provides the 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 credit unions process more than 88 million applications, including 9 million applications in 2022. 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 Twitter / X, LinkedIn, and Facebook.