Origence, a CU Direct brand, announced this week that it delivered a record amount in credit union loans through its lending platforms in the second quarter of 2022.
Credit unions funded 1.3 million loans through the Origence Consumer LOS and CUDL lending platforms in the second quarter, a 23% year-over-year increase, generating $39.5 billion in credit union loans, according to Origence.
Credit unions using the CUDL Network funded 610,819 auto loans through the first five months of 2022, and remain the largest auto lender in the nation as an aggregate, experiencing 20.8% loan growth through May, according to data from AutoCount.
Further, credit unions on the CUDL Network are outpacing the loan growth of the remaining top 10 lenders noted by data from AutoCount, and are the only lender experiencing double-digit growth year to date.
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.