Skip to content
2021 CU Direct Annual Report

Chairman and
President's Report

To process 7.7 million loan applications in a year, you must have effective people, processes, and technology. We’re proud to say CU Direct accomplished this and more in 2021. The company continued to deliver on the promise to create the ultimate origination experience for members, credit unions, and auto dealerships—and did it while setting new records across our many business lines.

Record-breaking performance
In 2021, our CUDL network of credit unions retained the #1 spot for auto lenders in the U.S. for the fourth year in a row. This accomplishment represented $46.9 billion in Indirect Loan Funding, which contributed to $57 billion in Total Loan Funding—a new company record. It is also an optimistic sign that credit union lending has not only returned to pre-pandemic levels but surpassed them.

We saw our partnerships expand to 1,157 credit unions representing 64 million members. Our dealer coverage also increased to include 15,700 dealerships on the CUDL network. Origence Lending Services generated $4.9 million in net income (fueled by our expansion of new RV lending connections and leasing programs), while Vero generated $2.4 million—both all-time highs. By all measures, CU Direct performed solidly across many metrics in 2021.

The power of partnership
The key to helping credit unions make more loans in a digital age comes down to providing multiple access points to valuable integrations, meaningful partnerships, and innovations otherwise not easily attainable. These value-added services create additional loan opportunities and operational efficiencies for our credit union partners, while providing additional revenue for CU Direct. In 2021 we strengthened relationships with current strategic partners such as Equifax and Transunion. We also secured agreements with new partners, including LoanStar, eDOC, Black Book, and CARFAX, as well as credit union-friendly fintechs such as CuneXus and WithClutch. Our preferred partnerships with refinance brokers continued to grow in 2021, with the addition of AutoPay, Caribou, Gravity Lending, Rate Genius, and Yield Solutions Group.

A look toward the future
During our strategic planning meeting held in October 2021, the Board of Directors voted to discontinue the development of our mortgage loan origination system. The capital requirements of the project—combined with a variety of market conditions—were determined to pose a strategic risk. We quickly focused on selling the system and opened multiple discussions with interested parties. We will work diligently to find a buyer in 2022, and will notify shareholders when a sale is finalized. As a result, we will take a $17.7 million impairment. We are confident that this is the right strategic decision for our shareholders, clients, and company to move forward.

We will continue our relentless focus on execution, innovation, and growth around our core lending technologies and solutions. These initiatives include enhancements to our consumer loan origination system, additional features for our new account opening solution, and the development of a member-centric home equity line of credit solution.

On behalf of the CU Direct Board of Directors, management, and staff, we want to extend our gratitude to our shareholders and partner credit unions. We look forward to this next chapter for CU Direct and our credit union shareholder partners. Together, we are forging an exciting new path that will benefit both the credit union industry and members alike.

In the competitive fintech space, CU Direct remains a unique company—one owned by credit unions to provide solutions for today’s lenders.

Tony BoutellePresident & CEO

Jim LaffoonChairperson

A Year in Review

For CU Direct, 2021 was a year of record-breaking performance, driven by our partner credit unions and dealerships. Together, we were able to make a positive impact on the lives of credit union members across the country.

Woman in motion in office


Total financial institution clients


Credit union members represented


Total dealer clients


Total funding in 2021


Loans processed through our platform in 2021


Loans processed through our platform (since company start)


Total indirect funding in 2021


Total direct funding in 2021


Applications processed in 2021


Total funding 
(since company start)


Total indirect funding 
(since company start)


Total direct funding 
(since company start)


Funded Apps/Loans Processed in 2021 (Origence Lending Services)


Total funding in 2021
(Origence Lending Services)


Net income in 2021 (Vero)






To create the ultimate origination experience.


Provide integrated origination technology solutions that transform the lending experience to enable credit unions to make more loans and improve their efficiencies.

Our Brands

CU Direct offers software and solutions to credit unions, financial institutions, automobile dealers, and other businesses marketed under the brands Origence®, Origence Lending Services™, CUDL®, and Vero™. 

  • Indirect lending
  • Loan and account origination
  • Digital origination (POS)
  • Marketing automation
  • Vehicle shopping
  • Credit & data services
  • Insurance & automotive aftermarket

Industries: credit unions, financial institutions

  • Full-service loan processing
  • Underwriting services
  • Document services
  • Call services

Industries: credit unions, financial institutions

  • Financing platform & lender network
  • Vehicle shopping & financing platform
  • Online advertising programs

Industry: Automotive dealerships

  • Vehicle service contracts
  • Mechanical repair coverage (Mechanical Breakdown Insurance)
  • Pre-paid maintenance (PPM) software & program
  • Identity, fraud & data breach protection and recovery

Industries: Automotive dealerships, financial institutions

Board of

Chairperson • Jim Laffoon

President & CEO • Security Service Federal Credit Union

Vice Chairperson • Erin Mendez

President & CEO • Patelco Credit Union

Secretary & Treasurer • Bob McKay

President & CEO • Together Credit Union

Todd Marksberry

President & CEO • Canvas Credit Union

Benson Porter

President & CEO • BECU

Thayne Shaffer

President & CEO • America First Credit Union

Kim Sponem

President & CEO • Summit Credit Union

Keith Sultemeier

President & CEO • Kinecta Federal Credit Union

Bill Cheney

President & CEO • SchoolsFirst Federal Credit Union

Ex Officio • Nader Moghaddam

President & CEO • Financial Partners Credit Union

Ex Officio • Sterling Nielsen

President & CEO • Mountain America Credit Union

Executive Team

Tony Boutelle

President & CEO 

Bob Child

Chief Operating Officer

Phil DuPree

Chief Revenue Officer

Neetu Bhagat

Chief Financial Officer

Brian Hendricks

Chief Product Officer

Jeff Shood

Chief Technology Officer

Erin Wilson, General Counsel
Erin Wilson

General Counsel

Laurel Levine

SVP, Human Resources


2021 CU Direct financials can be viewed on our financials page.