Credit unions originate record $62.1B in Q3 via Origence
Origence and credit unions are on quite a roll with auto financing.
For the third consecutive quarter in 2022 and for the fourth straight quarter overall, Origence said it has delivered a record amount in credit union auto finance contracts through its platforms.
According to a news release, credit unions funded 2 million contracts through the Origence arc OS consumer LOS and CUDL platforms through the third quarter of 2022, representing a 24% year-over-year increase.
The activated generated a record $62.1 billion in auto paper for in credit unions during the quarter, Origence said..
Credit unions using the CUDL auto lending network funded 1.5 million indirect auto loans through September and continue to be the nation’s largest auto finance provider as an aggregate, experiencing 27% loan growth through August, according to data from AutoCount.
CUDL credit unions have been the nation’s largest auto finance provider over the last five years, based on the same database.
The CUDL Network includes 1,100 credit unions and 16,000 auto dealers nationwide.
“Credit unions continue to be a driving force in auto lending, capturing 26% of market share in the second quarter, their highest market share in five years,” Origence president and CEO Tony Boutelle said in the news release.
Origence also introduced its Origence arc platform in the third quarter. The platform is comprised of arc OS (formerly Lending 360), arc MX (formerly Intuvo Marketing Automation), and the company’s new arc DX member-facing digital origination portal.
Combining these three applications, the company said Origence arc has set the foundation for its products, providing credit unions with the technology to transform the entire origination journey for their institutions and their members.
“We’re committed to delivering lending technology that helps our credit union partners make more loans, advance the digital experience for their members, and gives them a true marketplace advantage today and in the future,” Boutelle said.