Lenders Using CUDL Auto-Lending Network See 20.8% YoY Growth
Irvine, Calif., July 25, 2022 (GLOBE NEWSWIRE) — Origina brand of CU Direct, today announced that it provided a record amount of loans to credit unions through its lending platforms in the second quarter of 2022.
Credit unions funded a record 1.3 million loans through the Origence LOS consumer and CUDL lending platforms in the second quarter of 2022, a 23% year-over-year increase, generating $39.5 billion in loans to credit unions.
Credit unions using the CUDL network funded 610,819 auto loans in the first five months of 2022 and remain the largest auto lender in the country as a whole, reporting loan growth of 20.8% through May, based on AutoCount data.
Credit unions in the CUDL network are outpacing the loan growth of the remaining top 10 lenders, as noted by AutoCount data, and are the only lender to see double-digit year-to-date growth. The CUDL network includes 16,000 car dealerships nationwide.
Origence said used vehicles account for 76% of all cars funded through the CUDL system year-to-date, with the remaining 24% being new vehicles.
“Credit unions continue to demonstrate their ability to gain market share in the auto loan market,” said Tony Boutelle, President and CEO of Origence. “Our primary goal is to provide innovative lending technology that helps our credit union partners make more loans, create a better member experience, and gain a competitive advantage in the marketplace.”
During the second quarter, 1,132 credit unions, serving 64 million members nationwide, used Origence’s industry-leading lending technology solutions, including its CUDL and Consumer LOS platforms, Origence Lending Services, Origence marketing automation platform and the AutoSMART automatic buying program.
Origence, a brand of CU Direct, provides loan technology that improves the origination experience to increase loan volume, create efficiencies and grow accounts. With Origence, financial institutions can offer consumer and indirect lending with increased levels of productivity and scale, while providing a convenient and personalized borrower experience. Solutions also include marketing automation, automatic purchases, loan transactions, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.
CONTACT: Bill Meyer Origence 949-214-4098 [email protected]