Credit unions funded 403,258 loans through the Origence Consumer LOS and CUDL lending platforms in the first quarter of 2022, a 21% year-over-year increase, generating $13.4 billion in credit union loans.
Origence also reported continued credit unions’ growth and market strength using its CUDL auto lending network to originate indirect loans. Credit unions using the CUDL Network remain the largest auto lender in the nation as an aggregate, experiencing 16.3% loan growth through February, according to data from AutoCount. The CUDL Network includes 16,000 auto dealers nationwide.
Origence reported that used vehicles comprise 76% of all cars financed through the CUDL system year to date, with the remaining 24% being new vehicles.
Through the first quarter, 1,157 credit unions, serving 64 million members, utilized Origence’s lending technology solutions, including its CUDL and Consumer LOS platforms, Origence Lending Services, Origence marketing automation platform and AutoSMART auto shopping program.