CENTENNIAL, Colo.--(BUSINESS WIRE)--CU Direct Connect (CUDC) announced today the business’s 2015 mid-year results. The first six months of 2015 netted the best half year in CUDC’s history, as auto-loan application volume was up 42 percent and funded volume was up 38 percent through June.
CUDC‘s June year-to-date earnings are also at record highs with a 72 percent increase year over year.
“I am thrilled to share our mid-year results, as CUDC continues record-breaking growth in applications, funding levels and earnings,” said Blair Korschun, CUDC’s President and CEO. “Although we are seeing strong results and growth in new markets, we also are continuing with double-digit funding growth in our core market of Colorado.”
In the first half of 2015, CUDC has added four new credit union partners to the program that have combined assets of more than $10 billion. These new partners give CUDC additional lending capacity to help sustain rapid growth and new market expansion.
In addition, CUDC continues to invest in risk management and security, having completed an additional phase of its Service Organization Control (SOC) II audit earlier this year. CUDC has also implemented new fraud tools to better support the lending partners and a new custom risk score, which will be announced in August.
“Helping our credit unions achieve optimal yield returns at appropriate, targeted, risk levels is very important to CUDC,” said Tom Helmers, CUDC’s COO. “Our high rate of funding growth is only good as long as our partners control their portfolio risk levels and hold proper reserve levels. CUDC provides reports and data to help our members with this need.”
CUDC expects strong growth for the second half of 2015. Credit unions seeking incremental smart growth for their indirect programs are encouraged to contact CUDC.
For more information regarding CUDC member benefits for credit unions and auto dealer partners, visit www.CUDirectConnect.com. Consumers interested in an auto loan or joining a local credit union may visit www.GetACreditUnionLoan.com.
About CU Direct Connect
Formed in 2002, CU Direct Connect (CUDC) is a credit union service organization (CUSO) providing state of the art vehicle lending and origination funding platforms utilized by credit union members and auto dealer partners. CUDC enables any size credit union to generate auto loans and acts as a risk consultant to all partners. Based in Colorado, CUDC currently serves 39+ credit unions throughout Colorado, Wyoming and Arizona for vehicle lending, which supports the hundreds of auto dealer partners currently enrolled in the CUDC program. CUDC, through its member credit unions, is collectively one of the largest auto lenders in Colorado and is actively expanding into new markets. For additional information visit us online at www.CUDirectConnect.com.