Origence Partners with Informed.IQ to Automate Processing of Indirect Auto Loans for Credit Unions and Dealers

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Irvine and San Francisco, CA; July 27, 2022 – Informed.IQ, a provider of AI-based software to financial institutions, and Origence, the nation’s leading lending technology solutions and services provider for credit unions, have announced a new partnership.

Informed.IQ will power Origence’s Document Process Automation functionality for Indirect Lending to automatically identify documents and validate financing policies, creating a better credit union, and dealer experience. Through accurate consumer income calculations and validation of applicant data, loan documents, and documented classification and stacking, loans are processed faster and more accurately, with reduced human errors and fraud risk, and added operational efficiency.

1,130 credit unions serving over 64 million members nationwide utilize Origence’s industry-leading lending technology solutions, for direct and indirect lending, including its consumer LOS arc OS (previously Lending 360), and the CUDL dealer network.

Through Origence’s 15,000+ dealer network, Informed.IQ’s technology will complement Origence’s technology to provide credit unions a way to streamline indirect loan processing, enabling faster loan funding, as well as provide dealers with a fast, convenient way to upload missing documents.

Over the last year, credit unions’ share of the auto lending market has increased from 18.6% to 22.1% YoY ending June 2022. The partnership with Informed.IQ will allow Origence to accelerate its continued growth in this market while continuing to offer products and solutions that deliver an exceptional experience to credit unions in a rapidly evolving environment.

Informed.IQ’s artificial intelligence modeling engine performs complex calculations ensuring accuracy, identifying omissions, combating fraud and. With a 99% accuracy rate and, dealers and credit unions can now focus less on collecting and validating data and more on developing strong customer relationships.

“Partnering with Informed.IQ to integrate their leading AI-based technology allows us to advance our lending systems’ capabilities and performance, further streamlining the overall loan process for our credit unions and their members,” said Brian Hendricks, chief product officer for Origence.

In 2021, Origence helped credit unions fund $58 billion in new loans and over $390 billion since the company’s inception. Credit unions funded a record 1.3 million loans through the company’s lending platforms in the second quarter of 2022.

“We’re making it easier for credit unions to process auto loans,” said Justin Wickett, CEO of Informed.IQ. “Utilizing machine learning and accurate data to streamline the decision-making process enhances Origence’s end-to-end solution and their ability to improve staff efficiency, expedite their loan process, and enhance the member experience.”

Informed.IQ’s technology goes beyond image recognition and confirmation of information contained within the document. In addition to providing real-time, no-touch loan processing capabilities, Informed.IQ’s AI software, integrated with Origence’s systems, will enable credit unions to comply with regulatory requirements and be audit-ready in a precise and uniform way.  Credit unions interested in learning more about this new indirect lending capability can contact Origence at (833) 908-0121.

About Informed.IQ

 Informed.IQ uses AI and ML to instantly verify income, assets, residence, insurance, auto and credit stipulations, and more, enabling real-time, reliable credit decisions without bias. Our Informed.IQ models can process hundreds of document types and consumer-permissioned data sources, automating stipulation clearance. In 2021, Informed.IQ processed over 3.4 million consumer credit applications, automating $110+ billion in loan originations to date. The solution automates verifications with 99% accuracy in seconds with no humans-in-the-loop.

Originally focused on auto lending, where six of the top ten auto lenders use Informed.IQ, financial institutions now use the solution for mortgages, credit cards, personal and student loans, and automated bank account openings. Founded in 2016, Informed.IQ raised $20M in 2021 from notable investors including Nyca Partners and US Venture Partners. To learn more, visit informed.iq and follow Informed.IQ on LinkedIn.

 About Origence

Origence provides lending technology that elevates the origination experience to increase loan volume, create efficiencies, and grow accounts. With Origence, financial institutions can originate consumer and indirect loans with greater levels of productivity and increased scale, while also delivering a convenient and personalized borrower experience. Solutions also include marketing automation, auto shopping, lending operations, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.

Zest AI and Origence Partner to Integrate Powerful AI Within Origence arc OS Loan Origination System

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Los Angeles, July 27, 2022 Zest AI, the leader in expanding access to credit through better scoring, and winner of NACUSO’s 2022 CUSO of the Year Award, today announced its partnership with Origence, the nation’s leading lending technology solutions and services provider for credit unions.

Origence will integrate Zest AI’s Model Management System (MMS) credit scoring technology into the robust automated underwriting module for its consumer lending platform – arc OS (previously Lending 360) – providing credit unions partnered with Origence with unrivaled automated decisioning and more accurate credit scoring methods.

Credit underwriting with Zest AI’s machine learning algorithms allows a credit union to use thousands of data points to determine a credit score, meaning the lender can make more equitable credit decisions than when using traditional methods and other competing models. On average, Zest AI customers see a 25 percent increase in approvals without expanding risk tolerance. Approvals increase to around 40 percent when specific demographics like women and protected class borrowers are defined in analysis.

“Incorporating Zest AI’s advanced machine learning technology greatly enhances overall loan decisioning capabilities of our consumer lending platform,” said Brian Hendricks, Origence’s chief product officer. “We are excited to partner with Zest AI to provide unmatched automated underwriting and credit scoring capabilities that further simplify the lending process, benefitting both our credit union partners and their members.”

Serving 64 million members nationwide, 1,130 credit unions utilize Origence’s industry-leading lending technology solutions, including its arc OS consumer LOS and CUDL Indirect Lending Network. Credit unions funded a record 1.3 million loans through these lending platforms in the second quarter of 2022.

The integration with Origence’s consumer lending platform allows credit unions to choose AI-powered, automated underwriting that outputs fairer credit decisions without needing massive IT modernization projects.

“Our integration with Origence helps remove hurdles that can limit access to technology for lenders, especially those that may not have the resources to support major IT projects and changes,” said Jose Valentin, Senior Vice President of Partnerships for Zest AI. “We’re really excited to see this partnership increase the adoption of machine learning and give more members access to fairer credit decisions.”

Credit unions interested in learning more about Origence’s new capabilities using Zest AI’s credit scoring technology can contact Origence at (833) 908-0121.

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About Zest AI

Zest AI software helps lenders make better decisions and better loans—increasing revenue, reducing risk, and automating compliance. Since 2009, it has made fair and transparent credit available to everyone and is now the leader in software for more inclusive underwriting. The company is headquartered in Los Angeles, California. Learn more at www.zest.ai and connect with us on Twitter at @Zest_AI or Zest AI’s Insights blog.

About Origence

Origence provides lending technology that elevates the origination experience to increase loan volume, create efficiencies, and grow accounts. With Origence, financial institutions can originate consumer and indirect loans with greater levels of productivity and increased scale, while also delivering a convenient and personalized borrower experience. Solutions also include marketing automation, auto shopping, lending operations, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.

Contact:
[email protected]

 

Bill Meyer

[email protected]

909.753-9732

Origence Introduces Origence arc to Transform the Lending and Account Origination Experience for Credit Unions

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Origence arc Delivers New Digital Member Experience Combined with Industry Leading Origination Software

Aurora, Colorado, July 26, 2022 —  Origence today introduced a new platform to access and leverage the company’s origination software. The platform, Origence arc, brings together Origence’s two powerful applications—its consumer loan origination system (LOS), and marketing automation—and combines them with a new digital member experience that will offer significant benefits for both credit unions and members.

Announced to the credit union industry during the Lending Tech Live ’22 conference, arc sets the foundation for the future of Origence and its lending products. Tony Boutelle, Origence president and CEO, unveiled the company’s new arc platform during his opening keynote session.

“Origence arc is a modern platform with the ability to transform the entire origination journey for credit unions and their members,” said Boutelle, addressing the 450+ credit union attendees at the conference “We know that the future of the lending industry is all about digital platforms – and Origence arc will help us create a new digital member experience that is one of the most significant advances we’ve engineered in years.”

The Origence arc platform is comprised of three products, beginning with arc OS. Formerly known as Lending 360, arc OS is a comprehensive origination system that combines capabilities to maximize efficiency across the entire account opening and lending process.

Origence arc DX is a new product that offers members a digital experience that delivers both online loan application and online account opening functionality. Origence arc MX, formerly Intuvo Marketing Automation, is a marketing automation platform built for credit unions, which includes digital, mobile, email and SMS marketing communications.

“We chose the arc name because it symbolizes continuous progression and transformation – qualities that have always been at the heart of Origence’s DNA,” Boutelle added. “We are confident that Origence arc OS, DX and MX will redefine how credit union teams work, how they interact with their members, and how their members find solutions for financial needs that fit their lifestyles.”

For more information on Origence arc, visit www.origence.com.

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About Origence

Origence, provides lending technology that elevates the origination experience to increase loan volume, create efficiencies, and grow accounts. With Origence, financial institutions can originate consumer and indirect loans with greater levels of productivity and increased scale, while also delivering a convenient and personalized borrower experience. Solutions also include marketing automation, auto shopping, lending operations, and more. Origence is headquartered in Irvine, California. For more information, visit www.origence.com and follow us on Twitter and LinkedIn.