Origence Partners with Informed.IQ to Automate Processing of Indirect Auto Loans for Credit Unions and Dealers
CENTENNIAL, CO (July 28, 2022) — Informed.IQ, provider of AI-based software to financial institutions and Origence, the nation’s leading lending technology solutions and services provider for credit unions, have announced a new partnership.
Informed.IQ will power Origence’s Document Process Automation functionality for Indirect Lending to automatically identify documents and validate financing policies, creating a better credit union and dealer experience. Through accurate consumer income calculations and validation of applicant data, loan documents, and documented classification and stacking, loans are processed faster and more accurately, with reduced human errors and fraud risk, and added operational efficiency.
1,130 credit unions serving over 64 million members nationwide utilize Origence’s industry-leading lending technology solutions, for direct and indirect lending, including its consumer LOS arc OS (previously Lending 360), and the CUDL dealer network.
Through Origence’s 15,000+ dealer network, Informed’s technology will complement Origence’s technology to provide credit unions a way to streamline indirect loan processing, enabling faster loan funding, as well as provide dealers with a fast, convenient way to upload missing documents.
Over the last year, credit unions’ share of the auto lending market has increased from 18.6% to 22.1% YoY ending June 2022. The partnership with Informed.IQ will allow Origence to accelerate their continued growth in this market, while continuing to offer products and solutions that deliver an exceptional experience to credit unions in a rapidly evolving environment.
Informed’s artificial intelligence modeling engine performs complex calculations ensuring accuracy, identifying omissions, and combating fraud. With a 99% accuracy rate, dealers and credit unions can now focus less on collecting and validating data and more on developing strong customer relationships.
“Partnering with Informed.IQ to integrate their leading AI-based technology allows us to advance our lending systems’ capabilities and performance, further streamlining the overall loan process for our credit unions and their members,” said Brian Hendricks, chief product officer for Origence.
In 2021, Origence helped credit unions fund $58 billion in new loans and over $390 billion since the company’s inception. Credit unions funded a record 1.3 million loans through the company’s lending platforms in the second quarter of 2022.
“We’re making it easier for credit unions to process auto loans,” said Justin Wickett, CEO of Informed.IQ. “Utilizing machine learning and accurate data to streamline the decision-making process enhances Origence’s end-to-end solution and their ability to improve staff efficiency, expedite their loan process, and enhance the member experience.”
Informed.IQ’s technology goes beyond image recognition and confirmation of information contained within the document. In addition to providing real-time, no-touch loan processing capabilities, Informed’s AI software, integrated with Origence’s systems, will enable credit unions to comply with regulatory requirements and be audit-ready in a precise and uniform way. Credit unions interested in learning more about this new indirect lending capability can contact Origence at (833) 908-0121.
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.
Informed.IQ uses AI and ML to instantly verify income, assets, residence, insurance, auto and credit stipulations, and more, enabling real-time, reliable credit decisions without bias. Our Informed.IQ models can process hundreds of document types and consumer-permissioned data sources, automating stipulation clearance. In 2021, Informed processed over 3.4 million consumer credit applications, automating $110+ billion in loan originations to date. The solution automates verifications with 99% accuracy in seconds with no humans-in-the-loop.
Originally focused on auto lending, where six of the top ten auto lenders use Informed, financial institutions now use the solution for mortgages, credit cards, personal and student loans, and automated bank account openings. Founded in 2016, Informed.IQ raised $20M in 2021 from notable investors including Nyca Partners and US Venture Partners. To learn more, visit informed.iq and follow Informed on LinkedIn.