California’s CUSO, known for its indirect auto-lending platform CUDL, handled 32% more credit union loan originations last year.
CU Direct, which does business as Origence, reported on Tuesday that credit unions originated a record $57.4 billion in auto and other loans in 2021 through its Origence Lending 360 and CUDL lending platforms. , up from a record $43.5 billion in 2020. With 2.2 million loans last year, the average amount was around $26,100. In 2017, credit unions using its platforms funded 1.8 million loans worth $39 billion.
The CUDL auto lending network alone helped credit unions fund a record $46.9 billion in auto loans in 2021. A press release from CU Direct, citing data from AutoCount, said that If CUDL Credit Unions were treated as a single lender, the group would have been the largest self-lender in the country in 2021 and the group grew its volume by 13% for the year.
The CUDL network included 16,000 car dealerships nationwide in 2021.
Origence signed new agreements with 38 credit unions in 2021. By year-end, 1,157 credit unions, serving 64 million members, were using Origence’s lending technology solutions, including its lending platforms CUDL and Lending 360, Origence marketing automation platform and AutoSMART auto-buying program. That’s up from a base of 1,117 credit unions serving 47.8 million members at the end of 2017.
CUSO has grown from nine shareholders in 1998 to 115 credit union shareholders in 2021.
Tony Boutelle, President and CEO of Origence and CU Direct, said CUSO remains focused on delivering technology that helps its credit union partners make more loans and create a better member experience. .
“Credit unions continue to demonstrate their ability to excel in member service efficiency to compete and win in the lending market,” Boutelle said. “Our commitment to the success of our credit union partners and their members remains at the forefront.”
On Wednesday, CU Direct announced that it had changed the name of its Centennial, Colorado-based lending services subsidiary, just south of Denver, from CU Direct Connect to Origence Lending Services. CU Direct acquired CUSO in 2019. CUSO was founded in 2002 and affiliated credit unions generated $2.61 billion in indirect auto loans in 2017.
Origence Lending Services provides operations services such as stacking, letter processing and verification calls.
Two new clients last year were the Bethpage Federal Credit Union of Long Island ($11.5 billion in assets, 432,699 members) and the Oregon State Credit Union ($2.1 billion in assets, 132,837 members) of Corvallis, about 80 miles south of Portland. For Bethpage, Origence Lending Services reviews automotive leases. For Oregon State CU, it provides backup subscription support on weekends, holidays, and overflow periods
Credit unions have always used an outsourced provider to replace staff, but Brian Hamilton, president of Origence Lending Solutions, said the new value proposition for lenders is to use its services to “de-risk” d expansion into new geographies or new loan products. eliminating the need to guess staffing needs.
“By extending the capabilities of the organic workforce, our lenders have been able to drive operational efficiencies, explore new businesses with less risk, and respond quickly to market changes,” Hamilton said. .