Indirect Lending Articles
Bulldog FCU Goes From “0-60” with Indirect Lending Success
What would your credit union do if you could start your indirect lending program from scratch? In February 2018, $167 million Bulldog Federal Credit Union, headquartered in Hagerstown, Maryland, got to answer that very question — and the clear choice was CU Direct and its CUDL indirect auto lending platform. Bulldog FCU was chartered on…
Credit Union’s New Lending Strategy Brings Unexpected Benefits Beyond Loan Growth
Sandia Laboratory Federal Credit Union, Albuquerque, N.M., thought its switch to CU Direct’s CUDL platform would help the credit union provide more convenience to its existing members who were looking to buy a car. But what the credit union didn’t anticipate was a dramatic surge in new memberships. SLFCU was founded in 1948 by 15…
CUDL Complete Helps Patelco Navigate Processing Hurdles After Robust Indirect Volume Growth
The $7 billion Patelco Credit Union set lofty growth goals for its indirect auto lending program in 2017. With the help of an aggressive rate strategy, the credit union’s indirect team delivered. As of Dec. 31, 2017, the Pleasanton, Calif.-based credit union had grown its total indirect loans outstanding by 65%, to $730 million from…
Machine Learning Can Improve CUs’ “People Helping People”
Computer programming has come a long way since the late 1970s and early 80s, when high school students learned BASIC and wrote simple programs on Commodore 64s. Today, six-year-olds learn coding from LEGO kits purchased at Target and young entrepreneurs are earning millions writing apps and selling them to global fintech companies. Until recently, however,…
‘CUDL Way of Life’ Results in More Booking, Better Dealer Relations, and Expanded Market Presence for Amplify Credit Union
When $930 million Amplify Credit Union, based in Austin, Texas, switched to the CUDL platform it was more than just a change of indirect auto lending portals, it represented a move up to the “CUDL way of life,” according to Tony Kountoupis. Kountoupis, the credit union’s VP of consumer lending, said Amplify had been using…
Consumers Credit Union Finds Success Blazing An “Indirect” Trail With CU Direct In Western Michigan
Consumers Credit Union wanted more – much more – out of its indirect auto lending program. The credit union was frustrated with the inefficient way dealer partners sent the credit union applications through many costly systems, which ended up in their separate loan origination system. This, combined with a desire to work with a credit…
How To Optimize Loan Performance
Rapid growth in credit union indirect lending programs has triggered more examiner scrutiny and additional emphasis on the performance of these programs. Credit unions can be more effective in mitigating risk and optimizing performance within their indirect portfolios by taking a number of steps, including implementing a series of key metrics: dealer performance scorecards, multi-dimensional…
Credit Union Auto Lending Cruising in 2018
Remember late last year, when auto loans were predicted to drive 2018 total credit union loan growth at a rate of 9.5 percent? Some doubted credit unions would achieve that growth rate, especially after a number of industry experts forecasted a 2.3 percent reduction in 2018 new car sales. The post-recession boost in new car…
Credit Union Embraces Digital Lending System, Grows Indirect Lending to Become Wisconsin’s #2 Auto Lender
University of Wisconsin Credit Union (UW Credit Union) has come a long way with its indirect auto lending since first implementing CU Direct’s CUDL Platform – in more ways than one. Mike Long, Executive Vice President and Chief Credit Officer for the $2.7 billion UW Credit Union, based in Madison, Wis., recalls rudimentary technology and…
LOS Automation Allows Kings Federal Credit Union to Lend Large
When credit union executives think of liquidity management tools, loan origination software isn’t typically the first thing that comes to mind. But that’s exactly how Kings Federal, a SEG-based credit union in Hanford, Calif., is using CU Direct’s Lending 360 loan origination system (LOS). Kings Federal is a robust auto lender, with auto loans representing…