Credit union originations on Origence set record in Q1
Credit unions using Origence to help build its auto-finance portfolios enjoyed a record quarter.
The CU Direct brand announced on Monday that it had delivered a record amount in credit union paper through its platforms during Q1, as the company said through a news release that credit unions funded a record 403,258 contracts through the Origence Consumer LOS and CUDL platforms.
The company said that record amount represented a 21% year-over-year increase, generating $13.4 billion in credit union paper.
Origence also reported continued credit unions’ growth and market strength using its CUDL auto lending network to originate indirect loans.
The company said credit unions using the CUDL Network remain the largest auto finance companie in the nation as an aggregate, experiencing 16.3% growth through February, according to data from AutoCount.
The CUDL network includes 16,000 dealers nationwide.
Origence reported that used vehicles comprise 76% of all units financed through the CUDL system year to date, with the remaining 24% being new vehicles.
“Credit unions continue to be a strong force in the auto lending marketplace,” Origence president and chief executive officer Tony Boutelle said in the news release. “We remain focused on delivering innovative lending technology that helps our credit union partners make more loans and deliver a better member experience.”
Through the first quarter, 1,157 credit unions, serving 64 million members, utilized Origence’s financing technology solutions, including its CUDL and Consumer LOS platforms, Origence Lending Services, Origence marketing automation platform and AutoSMART auto shopping program.