IRVINE, Calif. – Origence Lending Services, a division of Origence, is reporting that during 2023 it funded $6.38 billion in loans with 160 credit unions, representing more than 413,000 members.
In addition, the company said the division added 40 new credit union enrollments, “broadening its services to encompass underwriting across multiple systems, direct lending, and retail financing support. Services beyond the division's traditional indirect loan processing now constitute nearly 30% of its overall business,” Origence said.
‘Seamless Extension’
"Credit unions understand that outsourcing with a trusted CUSO like Origence Lending Services provides a seamless extension of operations to support membership and loan growth," Neetu Bhagat, CFO for Origence, said in a statement. "Importantly, this strategy comes with less financial risk, as operational costs are commensurate with loan growth."
According to the company, in order to keep up with member expectations and market demand, Origence Lending Services expanded coverage hours in 2023 to offer processing six days a week and underwriting 24/7.
“Extended hours not only allowed Origence Lending Services to serve credit union members better, but it also provided the additional support necessary for its new subsidiary, FI Connect,” Origence said.
New National Lender
As CUToday.info has reported, FI Connect is a new national lender the company said enables credit unions to remain competitive in the embedded financing market, with the company saying the “model lets buyers choose their financing directly at the point of sale, often online.”
“When FI Connect originates a loan, it instantly establishes a membership for the borrower and then sells the loan to one of its credit union partners,” Origence said. “At its launch, FI Connect had a network of 21 credit unions with $3.3 billion in annual funding capacity specifically for Tesla.”
Doubling of Capacity
The company added that with Origence Lending Services as its operational backbone, FI Connect can double capacity in 2024 with the expansion of its credit union network and new product offerings.”
"Our remarkable growth highlights the trust and confidence that credit unions place in Origence Lending Services,” said Brian Hamilton, division president of Origence Lending Services. “We prioritize the member experience above all else and look forward to continued success with our credit union partners in the years ahead."
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