Origence Announces Record CU Loans & New Digital Experience

Origence logo

Origence, a CU Direct brand, has announced that it delivered a record amount in credit union loans through its lending platforms in the second quarter of 2022.

Credit unions funded a record 1.3 million loans through the Origence Consumer LOS (loan operating system) and CUDL lending platforms in the second quarter of 2022, a 23 percent year-over-year increase, generating $39.5 billion in credit union loans.

Credit unions using the CUDL Network funded 610,819 auto loans through the first five months of 2022. Altogether, credit unions remain the largest auto lender in the nation in aggregate, experiencing 20.8 percent loan growth through May, according to data from AutoCount.  

Credit unions on the CUDL Network are outpacing loan growth of the remaining top-10 lenders noted by data from AutoCount, and they are the only lender (altogether) experiencing double-digit growth year-to-date. The CUDL Network includes 16,000 auto dealers nationwide.

Origence reported that used vehicles comprise 76 percent of all cars financed through the CUDL system year-to-date, with the remaining 24 percent being new vehicles.

“Credit unions continue to demonstrate their ability to gain market share in the auto lending marketplace,” said Tony Boutelle, CEO of Origence. “Our foremost focus is delivering innovative lending technology that helps our credit union partners make more loans, create a better member experience, and gain a competitive marketplace edge.”

Through the second quarter, 1,132 credit unions, serving 64 million members nationwide, utilized Origence’s industry-leading lending technology solutions, including its CUDL and Consumer LOS platforms, Origence Lending Services, Origence marketing automation platform, and AutoSMART auto shopping program. 

'Origence arc' to Transform Lending & Account Origination Experience
The credit union service organization (CUSO) has also introduced a new platform to access and leverage the company’s origination software. The platform, Origence arc, brings together Origence’s two powerful applications — its consumer loan origination system (LOS), and marketing automation — and combines them with a new digital member experience that will offer significant benefits for both credit unions and members.

Announced to the credit union industry during the Lending Tech Live ’22 conference, arc sets the foundation for the future of Origence and its lending products. Tony Boutelle, president and CEO of Origence, unveiled the company’s new arc platform during his opening keynote session.

“Origence arc is a modern platform with the ability to transform the entire origination journey for credit unions and their members,” said Boutelle, addressing the 450-plus credit union attendees at the conference “We know that the future of the lending industry is all about digital platforms, and Origence arc will help us create a new digital member experience that is one of the most significant advances we’ve engineered in years.”

The Origence arc platform is comprised of three products, beginning with arc OS. Formerly known as Lending 360, arc OS is a comprehensive origination system that combines capabilities to maximize efficiency across the entire account opening and lending process.  

Origence arc DX is a new product that offers members a digital experience that delivers both online loan application and online account opening functionality. Origence arc MX, formerly Intuvo Marketing Automation, is a marketing automation platform built for credit unions, which includes digital, mobile, email and SMS marketing communications.

“We chose the arc name because it symbolizes continuous progression and transformation, qualities that have always been at the heart of Origence’s DNA,” Boutelle added. “We are confident that Origence arc OS, DX and MX will redefine how credit union teams work, how they interact with their members, and how their members find solutions for financial needs that fit their lifestyles.”

About Origence
Origence, a CU Direct brand, 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.

Pin It