ONTARIO, Calif.–Lending technology development company CU Direct has acquired CU Direct Connect of Colorado (CUDC). Through the acquisition, CU Direct will expand its outsourced loan processing services and indirect lending solutions for credit unions, the company said.
According to CU Direct, as a result of the acquisition, the combined organizations will provide lending technology solutions and services to 1,183 credit unions and 16,521 dealers nationwide. CU Direct said the acquisition is the latest move in its strategy to deliver the “most advanced lending network, technology and solutions for credit unions to achieve lending performance and a marketplace advantage.”
Expanded Commitment
“We’re excited to build on the products that both CU Direct and CUDC have established, and we’ll continue to help credit unions make more loans and improve their efficiencies,” said CU Direct President and CEO Tony Boutelle. “Since its inception, CUDC has been dedicated to making the lending experience fast, easy and exceptional. Together we’ll expand upon that commitment with next generation solutions and services credit unions and dealers will embrace.”
“The partnership of CU Direct Connect and CU Direct will provide significant benefits to our clients and to the industry as a whole, with a priority of delivering new products and services through our new Origination Services division,” said CUDC president and CEO Blair Korschun. “A key initiative will be to evolve our technology and products to add value for our clients. We have an exciting product roadmap in front of us that we will be delivering on over the next few years.”
‘Deeply Engrained’
Added Todd Marksberry, president and CEO of Canvas Credit Union and chairman of CUDC’s board, “CU Direct is so deeply engrained within our credit union ecosystem. Our joint effort creates even more value for our credit unions. Our partnership will address strategic risk, ensure strong long-term support to our credit unions and help to create even more competitive advantages for credit unions to win. Credit unions are the best solution for people and our new partnership with CU Direct will help us serve even more people, more fully.”
Following the acquisition, Boutelle continue his role as president & CEO of CU Direct. Korschun, will lead the new CU Direct Origination Services Division, slated to operate out of the current CUDC office in Centennial, Colo. Marksberry will join CU Direct’s board.
CU Direct said it has helped credit unions fund $213 billion in loans over the past 25 years.