Irvine, California, Oct. 26, 2022 (GLOBE NEWSWIRE) -- Irvine, CA, October 26, 2022 -- Origence, for the third consecutive quarter in 2022, and for the 4th straight quarter overall, has delivered a record amount in credit union loans through its lending platforms.
Credit unions funded 2 million loans through the Origence arc OS consumer LOS and CUDL lending platforms through the third quarter of 2022, a 24% year-over-year increase, generating a record $62.1 billion in credit union loans.
Credit unions using the CUDL auto lending network funded 1.5 million indirect auto loans through September of 2022 and continue to be the nation’s largest auto lender as an aggregate, experiencing 27% loan growth through August, according to data from AutoCount. CUDL credit unions have been the nation’s largest auto lender over the last five years.
Credit unions on the CUDL Network continue to outpace the loan growth of the remaining top 10 lenders in 2022, according to AutoCount data, and are the only lender experiencing double-digit growth year-to-date. The CUDL Network is the industry’s largest credit union auto lending network that 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,” said Tony Boutelle, president and CEO of Origence.
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, Origence arc has set the foundation for the future of the company and its lending 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,” noted Boutelle.
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About Origence
Origence provides lending technology that elevates the origination experience to increase loan volume, create efficiencies, and grow accounts. With Origence, financial institutions can originate consumer and indirect loans with greater levels of productivity and increased scale, while also delivering a convenient and personalized borrower experience. Solutions also include marketing automation, auto shopping, lending operations, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.
