ONTARIO, Calif., Jan. 17, 2017 /PRNewswire/ -- CU Direct (www.cudirect.com) the nation's leading provider of lending, automotive and strategic solutions to the credit union industry, has announced that the company's Board of Directors has approved a 3% cash dividend to its 108 credit union shareholders for a record twelfth consecutive year.
Credit unions funded 1.4 million loans through CU Direct's Lending 360 and CUDL lending platform, generating a record $30 billion in credit union auto loans in 2016, surpassing the company's record $26 billion in loans funded in 2015. Further reflecting their growing marketplace strength, CU Direct credit unions have increased auto loans 55.6% since 2013.
The company helped its credit union partners increase loan growth 16% in 2016, the highest loan origination growth rate among the top nine lenders in the nation according to data from AutoCount, and as a result CU Direct credit unions, as an aggregate, became the second largest auto lender in the nation.
The company grew with 55 new credit unions, to drive efficiencies, grow loan originations and generate revenue. At year's end 1,048 credit unions, serving 44.5 million members, were utilizing the company's industry-leading lending software & solutions, including innovative, best-in-class lending platforms (CUDL, Lending 360), analytics and reporting (Lending Insights), auto-shopping tools (AutoSMART), and retail lending products (OnSpot Financing).
"We are pleased to provide a strong return on investment to our shareholders for the twelfth consecutive year," said Tony Boutelle, president and CEO of CU Direct. "Credit unions continue to demonstrate that they can compete with banks and win in the auto lending marketplace; our goal is to deliver innovative lending technology and solutions that help credit unions improve efficiencies to get to yes faster, and make more loans."
About CU Direct
For more than twenty years, CU Direct has been a lending technology leader, helping credit unions fund $209 billion in loans. More than 1,000 credit unions rely on CU Direct's solutions to generate loans, create efficiencies, and grow membership. From CUDL, the industry's number one auto lending platform, to the industry's revolutionary Lending 360 Loan Origination System, and Lending Insights dynamic analytic tools, CU Direct develops the technology that helps credit unions advance their lending programs and overall portfolio success. 13,000 auto dealers nationwide use CU Direct's automotive solutions to connect with credit unions and their members to drive sales and increase their bottom lines. CU Direct is recognized as an award-winning Top Workplace by the California-based Press Enterprise. For more information, visit www.cudirect.com. Connect with CU Direct on Twitter and LinkedIn.
Contact: Bill Meyer
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SOURCE CU Direct