Faster indirect lending through smart outsourcing
Introduction
The challenge
Managing growth while maintaining service quality
The solution
Streamlining indirect lending through outsourcing
The results
- 67% boost in processing efficiency
- 44.4% reduction in processing turn times with stacking services
- 66.67% reduction in processing turn times with both stacking and validation services
“Although we felt we had staffed our department appropriately for the new loan volume, we quickly discovered that we needed a better business continuity plan. We also realized that we could benefit from streamlining the audit process with the goal of increasing capacity and efficiency.”
Lyla Elliott, CUDE, CCM
Director of Consumer Loan Production, Peak Credit Union
Managing growth while maintaining service quality
One formidable hurdle Peak encountered was business continuity. As the indirect lending program expanded, the credit union had to augment the team’s in-house capacity while ensuring uninterrupted service to its members. The credit union required a partner capable of processing loans and underwriting outside of traditional hours; with processing available six days a week and 24/7 underwriting available, Origence exceeded those expectations. The partner also needed to provide coverage during holidays, after-hours, weekends, PTO support, and overflow situations. This support was crucial for the credit union to enhance member service while effectively utilizing existing resources.
Another challenge was streamlining the audit process. Previously, the credit union relied on its internal staff, but as the volume grew, it needed additional support to ensure timeliness and quality. Peak needed a partner with a team of seasoned underwriters to ensure policies and guidelines were consistent and effective. By leveraging the expertise of these underwriters, the credit union could operate with more confidence and precision.
Operational flexibility became a key advantage for Peak. With dependable support in place, the credit union is able to keep staffing steady— even when volume or capacity fluctuates.
Streamlining indirect lending through outsourcing
Peak signed up for Origence Lending Services in August 2022 and officially went live in December 2022. The credit union had several meetings with Origence leading up to implementation to help the team understand and build out the process. Onboarding went smoothly due to the excellent communication between the teams.
By leveraging Origence Lending Services for full-service loan processing and underwriting, Peak enhanced its origination and funding speed, gained flexible underwriting support, and strengthened its indirect lending program—all while staying focused on delivering exceptional service to its members.
“An unexpected benefit is the confidence in the quality of work performed by Origence and the relief it can bring. If you have to worry or question who you’ve outsourced work to consistently, then it negates any benefit you might gain.”
Lyla Elliott, CUDE, CCM
Director of Consumer Loan Production, Peak Credit Union
From bottlenecks to breakthrough performance
Origence Lending Services significantly boosted Peak’s processing efficiency by 67%. By implementing stacking services, Peak reduced processing turn times by 44.4%. With both stacking and validation services these turn times further decreased by 66.67%.
Operational flexibility became a key advantage for Peak. With dependable support in place, the credit union is able to keep staffing steady— even when volume or capacity fluctuates. When unplanned absences occur, members continue to receive uninterrupted service, avoiding delays or disruptions. Staff can now focus more fully on their core responsibilities, which has strengthened both internal efficiency and the overall member experience. Origence played a vital role in making that possible.
According to Peak’s leaders, being able to trust in Origence’s expertise and experience makes the program especially valuable.
“Credit unions should consider outsourcing some of the more technical aspects of their processes. This allows their teams to focus more on the dealer or memberfacing aspects, putting more thought and care into those interactions. Plus, having a business continuity plan is priceless!”
Lyla Elliott, CUDE, CCM
Director of Consumer Loan Production, Peak Credit Union
An improved lending experience for all
Peak’s partnership with Origence has increased its efficiency and processing speed, improving the financing experience for staff, dealer partners, and members. The Peak team has streamlined processes and redirected focus to providing personalized support to members. They have outsourced the necessary auditing and compliance tasks to the experts at Origence, saving Peak the need to hire specific staff for those roles.
Peak’s dealers benefited from the increase in overall capacity and efficiency, resulting in fewer auditing errors and quicker turn times. By building a stronger relationship with auto dealers, they are more likely to refer buyers to Peak as an indirect lending partner, helping to grow the program.
As a result of combining outsourced lending services with Origence arc OS, loans are booked faster, and the credit union can begin forming relationships with new members much sooner. Peak’s partnership with Origence shows how outsourcing can effectively support credit unions’ lending programs.
Origence Lending Services: Impact at scale
- 413,000+ members served nationwide
- $14+ billion in loans funded
- 160+ credit unions served
(Reference: Origence January 2024)
Outsourced services provided by Origence:
- Full-service loan processing and funding
- Flexible underwriting for direct or indirect lending
- Document organization and stacking
- Initial validation
- Adverse action and welcome letter
- Inbound and outbound dealer call support
- Full-service indirect vehicle leasing
About Peak Credit Union
Peak has a long and rich history of giving back to the communities we serve. Since 1938, Peak Credit Union has remained true to its roots, creating innovative and flexible financial products and services that are focused on helping members chart their course to financial success. Today, Peak Credit Union counts more than 250,000 of your neighbors as members. In 2023, we merged with Northwest Community Credit Union. By bringing together two financially strong credit unions, we deliver unparalleled products and customer service to our 250,000+ members in Washington and Oregon.
Members: 250,000
Location: Washington, OR
Get in touch with Origence.
Learn how Origence Lending Services can help your credit union optimize lending operations, seize new opportunities, and quickly respond to shifting market dynamics.
