ORIGENCE DELIVERS RECORD NUMBER OF CREDIT UNION LOANS IN THE SECOND QUARTER OF 2022 | news
IRVINE, Calif., July 25, 2022 (GLOBE NEWSWIRE) — Origence, a brand of CU Direct, announced today that it provided a record amount 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 Consumer LOS and CUDL lending platforms in the second quarter of 2022, up 23 percent year over year and generating $39.5 billion in credit unions.
Credit unions using the CUDL network funded 610,819 auto loans in the first five months of 2022 and remain the nation’s largest auto lenders overall, posting 20.8 percent loan growth through May, according to AutoCount data.
Credit unions on the CUDL network outperformed the loan growth of the remaining top 10 lenders tracked by data from AutoCount and are the only lenders to report double-digit year-to-date growth. The CUDL network includes 16,000 car dealerships nationwide.
Origence reported that used vehicles accounted for 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 loan market,” said Tony Boutelle, President and CEO of Origence. “Our primary focus is delivering innovative lending technology that helps our credit union partners lend more, create a better member experience, and gain a competitive advantage in the marketplace.”
In the second quarter, 1,132 credit unions serving 64 million members nationwide leveraged Origence’s industry-leading lending technology solutions, including the CUDL and consumer LOS platforms, Origence lending services, the Origence marketing automation platform and the AutoSMART auto-shopping program .
Origence, a brand of CU Direct, provides lending technology that enhances the lending experience to increase lending volume, create efficiencies and grow accounts. With Origence, financial institutions can originate consumer and indirect loans with greater productivity and scale, while providing a convenient and personalized borrower experience. Solutions also include marketing automation, auto-shopping, credit deals, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.
Bill Meyer Origin 949-214-4098 [email protected]
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