VeriComply provides Automated Asset Verification for Upstart Loans for Purchase Transaction

Loan Files
Index fields
%
File Review
%
Accuracy in 2 hours
%
Automation

Subscribe for Update:

Executive Summary

A large institutional buyer of Upstart loans needed a complete validation of each loan file and the data loan tape, such as interest rate and maturity date. The challenge was that other service providers could not automate the review of the loan files. The VeriComply team identified that the loan files had seven layers within the PDF document. Using their decades of experience, the VeriComply team validated 100% of the loans with 100% automation.

The Situation

A buyer of Upstart loans needed to validate the 4,500 loan files and 36,000 data elements. Rather than use the “stare and compare” method of loan verification and data validation, VeriComply was asked to quickly setup the VeriCompliance Process and then to validate the loan files and loan data.

The Challenge

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 4,500 loans and 36,000 data elements confirming that:

  • Each Loan file contained a Promissory Note and a TILA disclosure
  • The Loans listed in the Data Tape had corresponding documents in the Loan File; and
  • The Loan Data in the Data Tape was contained in the Loan Documents

RESULTS

Using state of the art technology and complaint Implementation Protocols, VeriComply handled all processing and provide the customer with:

  • Speed and Capacity – Over 4,500 loans with 36,000 data elements processed in 2 hours
  • Accuracy - 100% of loans validated with 100% automation of loans and 99.83% for data elements and all exceptions verified manually in minutes
  • Compliance – SSAE16 compliant process that protected Personally Identifiable Information
  • Performance – Azure computing power “ramped” for peak performance and then reduced to save costs
  • Compliance - Evidence of compliance with rigorous data privacy and security requirements
  • Audit History - A complete audit history of all work performed

SOLUTION

The VeriComply team working with Upstart was able to meet all these requirements on time and on budget. Here is how it happened:

  • Set Up Process:
  • Customized process flow designed and deployed in days.
  • Implemented using VeriComply’s Configuration Templates and Implementation Protocols.
  • Released in accordance with VeriComply’s Operation Qualification Protocol.
  • VeriComply Process Flow:
  • Documents uploaded by secure FTP.
  • Process performed in less than two hours on 100% of Loan Files.
  • 50 exceptions were identified and reviewed with VeriComply workflow manager.
  • VeriComply Process audit history available in Project History.
  • A complete record of all exception workflows created.
  • In Process and Final Quality Checks performed.
  • Watermarking with VeriComply Logo and Logo ID on each document in each Loan File.

TESTIMONIALS

"VeriComply was able to leverage its previous process flow for Upstart to quickly prepare and execute this follow on project. That is power of our platform and delivery model.”"
male
Nick Bolton
COO VeriComply

Subscribe for Update:

© 2017 VeriComply.com | All Right Reserved | Terms and Conditions | Privacy Policy