IRVINE, Calif.¾ Origence, a CU Direct brand, is reporting it delivered a record amount in credit union loans through its lending platforms in the first quarter of 2022.
According to the company, 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% year-over-year increase, generating $13.4 billion in credit union loans.
Origence further said it 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% loan growth through February, according to data from AutoCount,” Origence said.
The CUDL Network includes 16,000 auto dealers nationwide.
Origence reported that used vehicles comprise 76% of all cars financed through the CUDL system year to date, with the remaining 24% being new vehicles.
A ‘Strong Force’
“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.
For info: www.origence.com
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