IRVINE, Calif. -- Origence, a CU Direct brand, is reporting it delivered a “record amount” in credit union loans through its lending platforms in the second quarter of 2022.
The company reported credit unions funded a record 1.3 million loans through the Origence Consumer LOS and CUDL lending platforms during Q2, a 23% year-over-year increase.
In all, some $39.5 billion in credit union loans was generated.
More Than 600,000 Loans Funded
Origence said 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% 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,” Origence said.
The CUDL Network includes 16,000 auto dealers nationwide.
Origence further reported that used vehicles comprise 76% of all cars financed through the CUDL system year to date, with the remaining 24% being new vehicles.
Gaining Share
“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.”
The company said that through the second quarter, 1,132 credit unions, serving 64 million members nationwide, utilized Origence’s lending technology solutions, including its CUDL and Consumer LOS platforms, Origence Lending Services, Origence marketing automation platform, and AutoSMART auto shopping program.