Origence Indirect Lending offers $42 billion in auto loans to lenders through Q3 2021

Lenders using the automatic lending network, CUDL, are growing 16.3% annually

Irvine, Calif., Oct. 28, 2021 (GLOBE NEWSWIRE) — Origence, the leader in lending technology solutions, reports continued growth and market strength for credit unions using its CUDL auto-lending network to create indirect loans.

Lenders funded 1.6 million loans through the CUDL auto lending network, generating $42.6 billion in auto loans for credit unions, a 14.3% year-over-year increase through the third quarter 2021. Applications also increased in the third quarter, as 5.8 million loan applications were submitted. through the CUDL system, an increase of 4.6% year-over-year. Further reflecting the growing strength of their market, Origence Credit Unions have increased auto lending by 100.8% since 2013.

Origence reports that used vehicles account for 74% of all cars financed through the CUDL system year-to-date, with the remaining 26% being new vehicles.

“Credit unions continue to demonstrate their ability to win in the auto loan market,” said Tony Boutelle, President and CEO of Origence. “We remain focused on delivering innovative lending technology that helps our credit union partners make more loans and create a better member experience.”

Origence’s credit union partners, as a whole, have been the nation’s largest auto lender since 2017 and have seen 16.3% year-over-year loan growth. More than 1,120 credit unions, serving 52 million members, use the company’s advanced lending technology network, including its innovative lending platforms and online auto shopping tools.

Origence also noted that its CUDL AutoSMART auto buying program grew to include 940 credit union-branded digital storefronts in the third quarter, connecting 14,000 dealers and 1.5 million vehicles to millions of credit union members. credit. The program saw a 40% increase in lead generation activity for dealers between year-end 2019 and year-end 2020.

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About Origin
Origence, a brand of CU Direct, provides loan technology that improves the origination experience to increase loan volume, create efficiencies and grow accounts. With Origence, financial institutions can deliver consumer, indirect, and home equity lending with greater efficiency and scale while providing a convenient and personalized experience for borrowers. Solutions also include marketing and CRM, automated purchases, outsourced loan processing, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.

CONTACT: Bill Meyer CUDL (949) 214-4098 [email protected]