Chairman and
President's Report
CU Direct entered 2020 with a sense of excitement, optimism and focus. And while it’s an understatement to say 2020 was a demanding year, we’re proud to report that the CU Direct team rose to the challenge and stayed on course to create the ultimate origination experience.
The product strategy we implemented in 2018—to create a new Mortgage Loan Origination System to diversify our long-term revenue streams—evolved into a larger vision to develop game-changing technology for lenders. This vision delivers a fully connected and configurable Enterprise Origination Platform for mortgage loan origination, consumer loan origination, and deposit account origination. For the first time, financial institutions will be able to drive the entire origination process seamlessly for any loan and account type from a single platform.
In 2020, we took a monumental first step toward realizing this vision when we went live with the new Origence Enterprise Origination Platform for Mortgage Lending. This included the implementation of Stanford Federal Credit Union, with eight additional credit unions and lenders slated for 2021. The future of lending is finally here, and CU Direct is leading the way.
March 2020 saw the world change overnight. As we faced a global pandemic, CU Direct—like many tech and software companies—shifted to a predominately remote workforce. And, we did so while maintaining operations and staying focused on our aggressive product development roadmap. Our teams worked resolutely and by year-end had successfully expanded the capabilities of our origination technology and introduced new solutions. From the release of the market’s most powerful yet flexible end-to-end digital mortgage origination technology and the market’s first single origination platform for mortgage and consumer lending, to advancements in document processing automation technology and digital retail capabilities with integrated finance within our auto shopping platform. We remain focused on innovative capabilities and the people to transform the future of lending.
For our dealer partners, our 140+ national dealer support representatives worked diligently to keep credit unions connected to dealer finance offices, providing members with affordable financing in the midst of lockdowns, an economic downturn, and record unemployment. The result was a year of indirect lending success with 15,689 live dealers, 1,138 credit unions on the CUDL network, and 1,921,565 applications funding $43.5 billion loans.
The past year tested CU Direct and our partners in ways neither planned nor imagined. It’s clear the pandemic accelerated digital transformation of lending operations, as well as the automotive shopping and financing experience. What was once theoretical is becoming a necessity. CU Direct is strategically positioned for success in 2021 and beyond. To date, we have invested over $85 million in software product development and continue to release components of our Enterprise Origination Platform designed to deliver a true digital lending and account opening experience.
We continued to invest in our staff with the creation of a Diversity and Inclusion Council, as well as Employee Resource Groups to focus on diversity, equity, and inclusion across the workplace. These employee-led groups redouble our efforts to increase diversity and inclusion throughout CU Direct, as well as champion impactful community causes and professional development of all team members.
On behalf of the CU Direct Board of Directors, management, and staff, we want to thank our stakeholders and partner credit unions for your support during this uniquely challenging year. We look forward to a bright future and are excited to continue on our journey to create the ultimate origination experience for you and your members.
The Age of
Acceleration
In a year defined by accelerated digital transformation, CU Direct was already well on its way to delivering the ultimate origination experience with a single enterprise origination platform for all loan and account types.
1,138
Total financial institution clients
64+ Million
Credit union members represented
15,689
Total dealer clients
$43,511,104,648
Total funding in 2020
1,921,565
Loans processed through our platform in 2020
16,801,146
Loans processed through our platform (since company start)
$35,616,905,055
Total indirect funding in 2020
$7,894,276,530
Total direct funding in 2020
7,285,663
Applications processed in 2020
$368B+
Total funding
(since company start)
$338B+
Total indirect funding
(since company start)
$30B
Total direct funding
(since company start)
115
Shareholders
551
Employees
Vision
To create the ultimate origination experience.
Mission
Sector Solutions
CU Direct offers software and solutions to credit unions, financial institutions, mortgage bankers, automobile dealers, and other businesses marketed under the brands Origence®, CUDL®, and Vero™.
Sectors: credit unions, financial institutions, mortgage bankers
Origence provides end-to-end technology, solutions, and services for indirect lending, consumer lending, mortgage lending, and account opening.
Enterprise Origination Platform
- Mortgage Loan Origination
- Consumer Loan Origination
- Indirect Loan Origination
- Account Origination
- CRM & Marketing
Lending Solutions & Services
- Vehicle Shop & Finance Platform
- CUDL Dealer Network & Indirect Lending
- Outsourced Processing & Underwriting
- Document Processing Automation Services
- Outsourced Lending Call Center
- Credit & Data Services
- Insurance & Automotive Aftermarket
Sectors: automobile dealers
CUDL—paired with AutoSMART—is an indirect financing and digital retail platform for automotive dealers that provides an integrated gateway to the nation’s largest network of credit unions and in-market shoppers.
CUDL Platform & Solutions
- Financing Platform & Lender Network
- Vehicle Shop & Finance Platform & Advertising
Sectors: automobile dealers, financial institutions
Vero offers automotive finance solutions built to enhance consumer satisfaction and retention while generating additional revenue or non-interest income.
Vero Products and Solutions Highlights
- Vehicle Service Contracts
- Mechanical Repair Coverage (Mechanical Breakdown Insurance)
- Pre-Paid Maintenance (PPM) Software & Program
- Identity, Fraud & Data Breach Protection and Recovery
Board of
Directors
Chairman • Keith Sultemeier
President & CEO • Kinecta Federal Credit Union
Vice Chairman • Jim Laffoon
President & CEO • Security Service Federal Credit Union
Secretary & Treasurer • Erin Mendez
President & CEO • Patelco Credit Union
Donna Bland
President & CEO • Golden 1 Credit Union
Todd Marksberry
President & CEO • Canvas Credit Union
Brett Martinez
President & CEO • Redwood Credit Union
Bob McKay
President & CEO • Together Credit Union
Nader Moghaddam
President & CEO • Financial Partners Credit Union
Sterling Nielsen
President & CEO • Mountain America Credit Union
Benson Porter
President & CEO • BECU
Kim Sponem
President & CEO • Summit Credit Union
Executive Team
Tony Boutelle
President & CEO
Bob Child
Chief Operating Officer
Roger Hull
Chief Product Officer
Phil DuPree
Chief Revenue Officer
Ray Jandga
Chief Technology Officer
Neetu Bhagat
Chief Financial Officer
Brian Hendricks
Chief Marketing Officer
Erin Wilson
General Council
Financials
2020 CU Direct financials can be viewed on our financials page.
Shareholders
- 1st United Services Credit Union
- Advantis Credit Union
- Alliant Credit Union
- Altura Credit Union
- America First Credit Union
- Arkansas Federal Credit Union
B
- Baxter Credit Union - BCU
- BECU
- Bellco Credit Union
- Bellwether Community Credit Union
- Bethpage Management Services, LLC
C
- California Coast Credit Union
- California Credit Union League
- Canvas Credit Union
- Centris Federal Credit Union
- Citadel Federal Credit Union
- Clark County Credit Union
- Coast Central Credit Union
- Coastal Federal Credit Union
- CoastHills Credit Union
- Community First Credit Union
- Consolidated Solutions
- Consumers Cooperative Credit Union
- Cooperative Credit Union Association
- Credit Union of America
- Credit Union of Colorado
- Credit Union West
- Cross Valley Federal Credit Union
- CU Dealer Direct, LLC
- CUC Services, Inc.
- CUNA Mutual Insurance Society, Inc.
- Cyprus Federal Credit Union
D
- DFCU Financial
- Digital Federal Credit Union
E
- Eagle Community Credit Union
- Elevations Credit Union
- Erie Federal Credit Union
F
- Financial Partners Credit Union
- First Entertainment Credit Union
- First Financial Federal Credit Union
- First Tech Federal Credit Union
- Frontwave Credit Union
G
- Golden 1 Credit Union
- Goldenwest Federal Credit Union
- Great Basin Federal Credit Union
- Greater Nevada Credit Union
- GTE Financial
H
- Harborstone Credit Union
- Hawaiian Financial Federal Credit Union
- Heritage Community Credit Union
- Heritage Family Federal Credit Union
- Hudson River Community Credit Union
- Hudson Valley Federal Credit Union
K
- Kinecta Federal Credit Union
L
- LBS Financial Credit Union
- Logix Credit Union
M
- Mazuma Credit Union
- Mountain America Credit Union
N
- NASA Federal Credit Union
- Northeast Credit Union
- Northern Star Credit Union
- Northwest Credit Union Association
- Nusenda Federal Credit Union
- Nutmeg State Financial Credit Union
O
- One Nevada Credit Union
- OnPoint Community Credit Union
- Orange County's Credit Union
- Oregon Community Credit Union
P
- Patelco Credit Union
- Pentagon Federal Credit Union
- Police and Fire Federal Credit Union
- Premier America Credit Union
Q
- Qualstar Credit Union
R
- Redwood Credit Union
- Rivermark Community Credit Union
S
- Sacramento Credit Union
- SAFE Credit Union
- San Francisco Federal Credit Union
- San Mateo Credit Union
- Sandia Laboratory Federal Credit Union
- SchoolsFirst Federal Credit Union
- Security Service Federal Credit Union
- SF Fire Credit Union
- Sierra Central Credit Union
- Silver State Schools Credit Union
- Sound Credit Union
- South Florida Acceptance Company, LLC
- Southland Credit Union
- Star One Credit Union
- Strata Credit Union
- Summit Credit Union
- Sun East Federal Credit Union
T
- Together Credit Union
- Travis Credit Union
- Truliant Federal Credit Union
- Tucoemas Federal Credit Union
- Tulsa Federal Credit Union
U
- UMassFive College Federal Credit Union
- UNIFY Financial Credit Union
- United Local Credit Union
- Unitus Community Credit Union
- University Federal Credit Union
- University of Michigan Credit Union
- University of Wisconsin Credit Union
- USE Credit Union
V
- Valley First Credit Union
- Vantage West Credit Union
- Verity Credit Union
- Visions Federal Credit Union
W
- Water & Power Community Credit Union
- Wescom Credit Union
- WestStar Credit Union
- WSECU
X
- Xceed Financial Credit Union
Y
- Yolo Federal Credit Union