East Idaho CU Credits Indirect Lending For Volume Surge
The $149-million East Idaho Credit Union is reporting a substantial growth in its loan portfolio after joining an indirect lending program offered through Indirect Lending Technologies, Salt Lake City, and endorsed by League Services, Inc., a subsidiary of the Idaho league.
East Idaho joined eight other Idaho credit unions and about 150 vehicle, marine, motorcycle, and RV dealers in Idaho that use ILT's Internet based indirect lending management system, known as Dealer Indirect Lending and Leasing System or DILLS. "The DILLS indirect lending program, created by ILT, provides for accurate, secure, and timely communication between auto dealers and credit unions," states Idaho Credit Union League President Alan Cameron.
East Idaho Credit Union reported that since it began accepting applications from dealers through the DILLS system on May 4, it has received 1,079 applications and funded 362 loans totaling almost $7 million. The average credit score of the applicants on the funded loans was 722.