Irvine, California, July 25, 2022 (GLOBE NEWSWIRE) — 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.
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.