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Webinar Recap: Lending optimization with Origence Lending Services

Read the recap of our latest webcast featuring guest speakers Bob Nealon, VP of business development, George Batty, credit union sales director, and Sam Clark, credit union sales director at Origence Lending Services.
A team working on lending optimization.

Read the recap of our latest webinar featuring guest speakers from
Origence Lending Services.

Lending optimization through Origence Lending Services helps credit unions thrive, according to the team from Origence Lending Services Bob Nealon, VP of business development, George Batty, credit union sales director, and Sam Clark, credit union sales director at Origence Lending Services.

Origence Lending Services helps credit unions make loans, explained Nealon. Through a variety of technology solutions and indirect lending support, Origence Lending Services becomes an extension of the credit union’s lending department. The team of lending experts helps manage the credit union’s lending responsibilities efficiently and effectively. 

Origence Lending Services can provide processing and underwriting support to a credit union’s lending department when they need it most. From filling in during the holidays or summer vacations to managing lending tasks during an unforeseen downtime such as an employee departure or branch closing due to crisis, credit unions can lean on Origence Lending Services for support whenever they need it, explained Nealon. The Origence Lending Services team offers processing and underwriting support 24 hours a day, 7 days a week, 362 days a year nationwide.

If credit unions are understaffed, their service levels are impacted, explained Nealon. If service levels go down, the credit union cannot grow. By partnering with Origence Lending Services, credit unions can have the support they need whenever and however they need it. With access to and experience in a variety of lending platforms, the Origence Lending Services team can work in the platform your credit union uses with ease – saving time and providing a more efficient experience for your members. Having served more than 400,000 members and facilitating funding of more than 14 billion dollars in loans, Origence Lending Services has the experience you need to continue to grow.

Our team at Origence Lending Services understands that each credit union approaches outsourcing a little differently, said Batty. Each credit union is unique in how it needs support, and that’s why Origence Lending Services is such a great partner. We meet you where you are and fill in the gaps when and where you need them.

One of the most significant opportunities for credit unions to take advantage of Origence Lending Services is with their business continuity plan including disaster recovery, Batty explained further. If your credit union were to face a disaster of some kind, you would want to minimize disruption by having a plan and resources in place. This ensures operations keep going and essential lending functions continue despite an unexpected disruption, he said.

Over the years, we’ve been approached to assist credit unions in all sorts of situations. It can be as simple as one of your staff members leaving or being promoted, said Batty. It could be a weather situation causing a branch to close or some other type of disaster. Whatever the situation, he explained, you want to protect the credit union’s reputation and assist members efficiently and effectively. By having loans processed and underwritten during a disruption, your members don’t feel the pinch and can continue receiving great service regardless of the situation at your credit union.

Another way Origence Lending Services optimizes lending for credit unions is during volume spikes, explained Batty. As rates rise, it causes loan interest to decrease and credit union adjusts staffing accordingly. Once rates suddenly drop again, said Batty, volume spikes quickly. There isn’t time to staff up for volume adjustments, and it can often fluctuate. By having a resource like Origence Lending Services available, your credit union can adjust accordingly and not require overtime. Origence Lending Services adapts to the needs of every credit union as requested and needed.

Origence Lending Services can optimize lending for credit unions by:

  1. Underwriting Services – Origence Lending Services has a team of expert underwriters available to assist your credit union 24 hours a day, 7 days a week, to keep your loans flowing through the pipeline. They follow your credit union guidelines, policies, and procedures as an extension of your credit union, and many of our team members are credit union industry professionals who are familiar with credit union services and products.
  2. Processing Services—Origence Lending Services has a team of processing experts available to help with your indirect lending needs. With automation, the processing team can quickly and efficiently manage your loan documents. For in-depth document validation, the Origence Lending Services team can assist with a thorough review and respond to the dealer quickly with an explanation of outstanding document needs.
  3. Full Processing and Funding Services—Available for both indirect and direct lending needs, Origence Lending Services can provide full processing and funding support for various loan types. By gathering all your guidelines, policies, and procedures, we follow your lead and mirror your credit union.
  4. Letter Generation – Available for arc OS clients only, Origence Lending Services can send adverse action and welcome letters to your members on your behalf. We send these out in bulk through a mail house that integrates directly with arc OS. The more we send, the larger the discount we receive. As we add more credit unions, your pricing adjusts accordingly.

Lending optimization can have a financial impact on your credit union as well, Clark explained further.

Origence Lending Services can also support your credit union through de-risking, Clark said. While you may not have the volume right now, preparation for change can help you control future expansion.

Back in 2022 and 2023, credit unions were challenged by the overwhelming volume of indirect lending business, Clark explained. We often had credit unions come to Origence Lending Services days, if not weeks, behind in fundings. When your credit union is that far behind, it directly impacts your bottom line, he said. Your credit union isn’t providing quality service to dealers or borrowers and it’s negatively impacting your reputation. It’s a perfect time to deploy Origence Lending Services as a resource to back up your team to prevent the negative impact that can happen when volume picks back up.  

At this point, rates are high and business isn’t what it once was, but we all know that rates will go back down, Clark said. When they do, will your credit union be prepared to handle the quick volume spikes? By setting up a relationship with Origence Lending Services now, we can get to know how your credit union works and be prepared to step in whenever you need, he said.

In addition, Origence Lending Services can support your credit union with new ventures. New verticals, loan types, and ventures can be a huge undertaking for inexperienced or understaffed credit unions, said Clark. By working with Origence Lending Services, your credit union can take advantage of expert staff who have the knowledge to take on these new products or ventures in a fraction of the amount of time and cost.

Strategic partnerships, such as FI Connect, demonstrate Origence’s capability to handle significant volume and provide comprehensive services, Clark said. FI Connect is a wholly owned subsidiary of Origence Lending Services. They are a licensed lender and partner with Tesla. Through this partnership, credit unions can sit at the top of the funnel where applications come into the Tesla website; we are able to process these loans, underwrite, fund, and sell the loan to the credit union, he said. FI Connect is working with 19 credit unions nationwide, and we have funded more than $525 million since October 2023. This is an opportunity that credit unions wouldn’t be able to take on alone, but as a partner with FI Connect and by utilizing the services of Origence Lending Services, credit unions have this indirect lending opportunity.

Origence Lending Services also has a strong partnership with brokers. As rates adjust and your members look to refinance their loans, your credit union should consider ways to recapture those members or build new business with refinances, said Clark. Origence Lending Services is the perfect opportunity to expand with brokers through our strategic partnerships.

Another vertical that many credit unions are entering as rates go up is auto leasing, Clark said. Leasing is a very big and active business today because leasing payments are so much lower than financing a purchase, he said. Origence Lending Services is partnered with Credit Union Leasing of America (CULA) and Centennial Lending. These two partners work with Origence Lending Services to provide a turnkey leasing solution for credit unions. This provides leasing options through your credit union with minimal lift.

Finally, Origence Lending Services can connect your credit union with retail merchant financing opportunities to service your members. Retail merchants such as HVAC systems, contractors, pool equipment suppliers, ATV purchases, and medical expenses such as plastic surgery are just a few financing situations where members need assistance with their purchases.  Origence Lending Services has a strategic partnership with LoneStar to offer expert financing solutions and send the loan directly to your credit union, explained Clark. With more than 20 years of experience and special technology to connect your credit union to merchants, LoneStar bridges the gap between your members’ financing needs and their retail purchases.

By leveraging Origence Lending Services, credit unions can ensure seamless operations as an extension of their lending team, said Nealon. Origence Lending Services enhances efficiency, supports growth, and provides a competitive advantage through partners like FI Connect, CULA, Centennial Lending, and LoneStar. Origence Lending Services’ comprehensive approach to lending optimization and business continuity positions credit unions to meet their members’ needs effectively, ensuring sustained growth and robust service delivery.

A team working in an office
Lending optimization for credit unions: Strategies for success with Origence Lending Services