New CUDL White Paper Identifies Key Drivers for Higher Credit Union Look to Book Ratios
White paper offers critical insight to the credit union best practices and processes that help lead to higher funding rates
Ontario, Calif. | March 26, 2013
CUDL (www.cudl.com), administrators of the nation’s largest auto lending network for credit unions, consisting of over 1,000 credit unions and 9,000 auto dealers, has developed a new white paper detailing best practices in achieving higher look to book (LTB) ratios.
The white paper, “Best Practices to Secure Higher Look to Book Ratios,” offers critical insight to the credit union best practices and processes that help lead to higher funding rates. The paper focused on a cross section of credit unions from across the U.S., with various asset sizes and loan volumes, to shed light on how these credit unions managed to establish and maintain LTB rates in excess of the national credit union average.
The white paper notes that there were a number of key factors attributed to the credit unions success in achieving high LTB ratios, including their ability to build strong relationships with dealers and implementing a solid, competitive lending program. Additionally, the paper points out that fast response times, dedicated staff and program consistency helped these credit unions foster greater dealer appreciation and interdependency, which led to higher loan volumes.
Keeping lending parameters consistent, well documented, and within grasp of the dealerships vehicle financing staff, helped to heighten awareness of the credit unions as a likely “go to” lending option. All credit unions that were achieving high LTB attributed their success to constant two-way communication with dealers.
“By developing this white paper, we hope to provide credit unions with important insight to how they can improve their look to book ratios, and, as a result, gain greater volume of auto loans through the indirect channel,” notes Bob Child, chief of staff at CUDL.
Credit unions interested in requesting a copy of CUDL’s white paper can do so by visiting CU Direct’s website.
About CU Direct
For more than twenty years, CU Direct has been a lending technology leader, helping credit unions fund $211 billion in loans. More than 1,100 credit unions rely on CU Direct’s solutions to generate loans, create efficiencies, and grow membership. From CUDL, the industry’s number one auto lending platform, to the industry’s revolutionary Lending 360 Loan Origination System, and Lending Insights dynamic analytic tools, CU Direct develops the technology that helps credit unions advance their lending programs and overall portfolio success. 14,000 auto dealers nationwide use CU Direct’s automotive solutions to connect with credit unions and their members to drive sales and increase their bottom lines. For more information, visit www.cudirect.com. Connect with CU Direct on Twitter and LinkedIn.