By offering an electronic point-of-sale system in the dealership, the credit union was ready to … MADISON, WI - July 11, 2018 - UW Credit Union has been recognized by CU Direct for Excellence in Indirect Lending. Back in 2007, the CU recognized the majority of vehicles were being financed at the dealership, Long says, “and we wanted to be there.” As a credit union-owned service organization, we develop custom applications, training and marketing programs to help participating credit unions serve their members’ auto buying needs. To proceed, please enable active scripting for this site in your browser settings. We are extremely proud of the strong dealer relationships we have formed. Loading ... Duffy Questions Cordray on Indirect Auto Lending Practices - Duration: 11:13. When we first started with CUDL, our dealer relationships were nonexistent.”, Through the CUDL platform today, UW Credit Union does seven-minute loan decisions and same-day funding. Long also notes that frontline employees find it simple to use because the integration with the current LOS is efficient. Today, the credit union is the biggest auto lender in Dane County, and No. Credit Union Lending Systems (CULS) has been the premier indirect lending solution for the St. Louis, Missouri, and surrounding area credit unions for almost 2 decades now. But as we realized dealers were trying to finance nonmembers, we expanded and we exceeded our goals each year,” he says. info@cudirect.com. The other big change was seen in loan dollars. The 2018 CU Direct Best Practices in Lending Award was presented to UW Credit Union on June 1 at Drive ‘18, the top lending technology conference in the credit union industry, held in Grapevine, Texas. Indirect lending can help a credit union increase its market share. As a credit union-owned service organization, we develop custom applications, training and marketing programs to help participating credit unions serve their members’ auto buying needs. Read More. In 2016, UW Credit Union booked $88.5 million in indirect auto loans. When UW Credit Union’s management team performed its due diligence in 2007, it looked at numerous indirect lending solutions. We work tirelessly to protect your best interests in Washington and all 50 states. Our network connects credit unions with dealerships in 49 states including Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Montana, Nebraska, North Carolina, Nebraska, Nevada, New Hampshire, New Mexico, New Jersey, New York, North Dakota, Oklahoma, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming. Apply for a loan from UW Credit Union: credit cards, auto loans, home equity loans, home equity line of credit, reserve line of credit, or personal loans. 2 overall in Wisconsin. Checking; “Our teams are able to work in the same platforms they work in every day with other types of loans,” he says. About Leaders EDGE Indirect Lending CUSO. This is "CU Direct Best Practices Awards 2018 - UW Credit Union - Excellence in Indirect Lending" by CU DIRECT on Vimeo, the home for high quality videos… University of Wisconsin Credit Union (UW Credit Union) has come a long way with its indirect auto lending since first implementing CU Direct’s CUDL Platform – in more ways than one. Indirect Lending Get the same great rate and service that you would get at TCFCU, right at the dealership or any of our other local participating retailers. Apply for a Vehicle Loan. We provide the expertise and best practices to manage a program that will help your Credit Union grow your auto loan portfolio, including: Dealer sign-up and dealer representation Credit Analysts with extended weekday and weekend hours Loan underwriting and decisions by… Mike Long, Executive Vice President and Chief Credit Officer for the $2.7 billion UW Credit Union, based in Madison, Wis., recalls rudimentary technology and… The $3.5 billion-asset shop has learned to move quickly, having grown from 920 indirect loans in 2007 – when UW instituted automated decisioning – to as many as 1,500 per month last year. Indirect Lending and Member Convenience. Original: UW Credit Union Lending Services Copy: Member Complete and sign this form and drop it off at any UW Credit Union office, or mail to: UW Credit Union, P.O. Instead, a third party issues the loan, with the help of an intermediary. “CU Direct’s technology allowed us to integrate with our loan origination system [LOS] so we could decision loans directly in our LOS.”. The Washington credit union is turning its indirect lending program into a 100% electric business by October 1. Get to Know Lending. We can confidently say that many credit unions are working to solve this “mere” member issue. Credit Union Lending Systems (CULS) has been the premier indirect lending solution for the St. Louis, Missouri, and surrounding area credit unions for almost 2 decades now. State Trends Medians -Key credit union performance ratios and statistics since 1991. Indirect Lending Start the Journey Indirect lending Tap into the nation’s largest credit union auto lending network Drive more indirect loans your way with CUDL CUDL is the fully-customizable auto lending solution proven to streamline and enhance indirect origination. “In 2007, we only funded 920 indirect auto loans for the whole year,” notes Mike Long, executive vice president and chief credit officer for the $2.7 billion asset credit union. With credit union lending partners in Missouri, Illinois and Kansas, CULS has broadened its footprint over the last 2 decades through its dedication to fine tuning the member experience at the dealership. It offers technology and indirect lending expertise, delivered using a credit union-centric model that works because it offers high value to both sides of the transaction - dealers and credit … An indirect lending relationship exists when members who meet the credit union’s field-of-membership requirements apply for credit directly through a car dealer. Lee Decker, indirect lending sales manager at University of Wisconsin Credit Union in Madison, said the need for speed is likely to be an even bigger factor moving forward. But to make the most of an indirect lending initiative, a credit union should team up with a reputable lending partner. “We liked AutoSMART because it linked our members with dealers’ inventory online,” he explains. Mike Long, Executive Vice President and Chief Credit Officer for the $2.7 billion UW Credit Union, based in Madison, Wis., recalls rudimentary technology and manual processes, resulting in slow turnaround times. “Now we have three dealer relationship managers and an indirect sales manager, whose job is to nurture relationships with dealers. The COVID-19 pandemic continues to impact the entire economy, so now is a good time to shore up your indirect lending. And over 90% of credit unions with $500 million in assets have indirect lending programs. Lee Decker, indirect lending sales manager at University of Wisconsin Credit Union in Madison, said the need for speed is likely to be an even bigger factor moving forward. Dealer Indirect Lending and Leasing System. We understand the most important element is that you own and control 100% of your Indirect Lending Program.Leaders Edge can guide your credit union in the development of rate structures and threshold levels based on our many years of experience in the industry. The affects of a three-year pullback from indirect lending and the COVID-19 pandemic have resulted in a decade-long low in auto lending growth in the second quarter. Lending at UW Credit Union is separated into two major departments: Mortgages > Consumer Lending > Collections > View All Openings. According to Lee Decker, indirect lending sales manager at UWCU, when the credit union started leveraging Lender’s Protection, members were excited to see that they were getting approved for loans through the credit union, plus saving money on rates and fees relative to its competitors. Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. “In 2007, we only funded 920 indirect auto loans for the whole year,” notes Mike Long, executive vice president and chief credit officer for the $2.7 billion asset credit union. You can enjoy shopping and buying even if your Credit Union isn’t open. UW Credit Union 3500 University Avenue Madison, WI 53705 608-232-5000 or 800-533-6773 Jessica has been with UW Credit Union since 1998, and has a versatile lending background, having focused on consumer lending before becoming a mortgage loan officer. “The company has always been a great partner for us.”, Initially, UW Credit Union implemented indirect lending to add member convenience. That high cost of funds exacerbated the thin margin that comes with the reserves paid to dealers and other costs associated with indirect lending. 2 overall in Wisconsin. Calculators. 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