Thu, Feb 1, 2018
CU Direct (www.cudirect.com) the nation’s leading developer of lending software technology to the credit union industry, has announced that the company’s Board of Directors has approved a 3% cash dividend to its credit union shareholders for a record thirteenth consecutive year.
CU Direct continues to deliver a strong return on investment, generating exceptional value for its credit union shareholders. The company has grown from 9 shareholders in 1998 to 108 shareholders in 2017.
Credit unions funded 1.8 million loans through CU Direct’s Lending 360 and CUDL lending platform, generating a record $39 billion in credit union auto loans in 2017, surpassing the company’s record $32 billion in loans funded in 2016. Further reflecting their growing marketplace strength, CU Direct credit unions have increased auto loans 100.8% since 2013.
CU Direct credit union partners, as an aggregate, became the largest auto lender in the nation in 2017, experiencing 16.2% loan growth, the second highest loan origination growth rate among the top ten lenders in the nation according to data from AutoCount.
The company signed new agreements with 71 credit unions in 2017. At year’s end 1,117 credit unions, serving 47.8 million members, were utilizing the company’s industry-leading network of lending technology, 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 once again provide a strong return on investment to our shareholders,” said Tony Boutelle, president and CEO of CU Direct. “Credit unions continue to demonstrate their ability to compete with banks and win in the auto lending marketplace; we remain focused on delivering innovative lending technology that helps our credit union partners make more loans and create a better member experience.”