In order to timely close its $163 Million asset securitization, Upstart needed to validate the accuracy of 19,000 over loan files in a matter of hours. Upstart turned to Christiana Trust who had partnered with VeriComply and applied its automated Verification Agent solution. The results, in 2 hours over 19,000 loans processed and verified with 100% accuracy and 100% automation and the delivery of the electronic originals to an electronic vault confirmed. The VeriComply dashboard provided real time access to the process and the repository provided watermarked loan file, audit history and Verification Certificate for future reference.
Upstart needed to ensure timely delivery and verification of over 19,000 loan files being securitized in its Grantor Trust 2017-1 deal. Rather than use the “stare and compare” method of loan verification and manual confirmation of delivery to an electronic vault, Upstart engaged Christiana Trust who had partnered with VeriComply. This partnership enabled Christiana and VeriComply to quickly execute the required VeriCompliance Process set up and seamlessly perform the file validation process flow.
The VeriComply team was faced with the challenge of setting up a process flow in a few days to provide a 100% validation (rather than a sampling) of over 19,000 loans confirming that:
Additional requirements included providing evidence of compliance with rigorous data privacy and security requirements, a complete audit history of all work performed, a document repository for the verified loan files and an automated process to remove loan files from the system upon subsequent sale, payoff or charge off of the loan.
The VeriComply team working with Upstart and Christiana was able to meet all these requirements on time and on budget. Here is how it happened:
Set Up Process:
Using state of the art technology, industry know and compliant Implementation Protocols, VeriComply handled all processing with minimal effort by Christiana Trust and provide Christiana Trust and upstart with: