IRVINE, Calif.–Origence has announced a new preferred vehicle refinance broker partner program for credit unions, and is reporting four of the country’s most recognized refinance brokers have signed on. Joining Origence are RateGenius in Austin, Texas, AUTOPAY in Denver, MotoRefi in Arlington, Va., and Yield Solutions Group LLC (dba RefiJet) in Denver.
Origence said the new program, through its CUDL network, connects the nation’s leading refinance brokers with credit unions looking to be better positioned to serve members in the growing auto refinance marketplace. The program also offers credit unions additional loan services, including direct financing for lease-end purchases, as well as private-party and dealership purchases, the company said.
In making the announcement, Origence cited TransUnion data indicating the U.S. auto refinance market is estimated to be as much as $40 billion, which will provide “credit unions with an ideal opportunity to better serve their members’ vehicle finance needs.”
More Refinance Opportunities
The new program, added Origence, helps credit unions capture more refinance opportunities and remain competitive with other financial institutions that are active in the vehicle refinance marketplace.
“As one of the leaders in this quickly growing industry, AUTOPAY is excited to be working with Origence to provide credit unions with industry-best solutions for refinance,” said Jeff Hutcheson, co-CEO of AUTOPAY. “We feel that AUTOPAY’s unique set of capabilities are a great compliment to the offerings that are available through the CUDL platform.”
Using the CUDL network, Origence said the preferred brokers can help credit unions quickly establish a new lending channel that can help grow their portfolios based on predetermined loan criteria set by each individual credit union. The CUDL integration between the company’s preferred broker partners and credit unions ultimately provides a better experience for the credit union, broker and, most importantly, the new credit union member, Origence added.
‘Proud to Partner’
“Yield Solutions Group is proud to partner with Origence to generate new, targeted leads for credit unions,” noted Reid Rubenstein, company co-founder and managing partner. “Combining Origence’s leading software with YSG/RefiJet’s marketing, application processing, and title perfection services makes it fast, simple and compliant to generate direct auto refinance loans that support profitable portfolio performance. The partnership is a win-win-win for all parties.”
Aleks Bogoeski, VP-strategic alliances with Origence, added, “We recognized the value and need for a preferred broker program that assists credit unions in capturing more of the growing auto refinance market, and we are excited to be partnering with the leading brokers in the country. As a result, we’ve partnered with a team of brokers that are able to bring these new loan opportunities to the market with credit unions and share their commitments to not only maintain, but also make new partnerships with credit unions through Origence’s CUDL network.”
More Than 1,100 CUs
The nation’s largest credit union auto lending network, CUDL connects lenders to 15,000 auto dealers nationwide. Collectively, the 1,100 credit union partners on the CUDL platform have been the nation’s number one auto financing source since 2017, the company noted.