San Francisco, CA (PRWEB) July 18, 2017
VeriComply.com, Inc. announced that it had partnered with Wilmington Savings Fund Society, FSB d/b/a Christiana Trust (“Christiana Trust”) to implement the VeriCompliance process. Christiana Trust is acting as Document Custodian for UpStart Grantor Trust 2017-1 which contains a pool of approximately $163 million of unsecured consumer loans originated by Upstart.com, the first lending platform to leverage artificial intelligence and machine learning to price credit and automate the borrowing process.
Working closely with VeriComply, Christiana Trust was able to take custody and review over 19,000 loans in under 2 hours. This quick, and easy to use automated system ensured a timely closing for the investors in the transaction. Christiana provides the document custodian services through their partnership with VeriComply.
Adam Barton, Legal Counsel of UpStart stated, “Upstart needed a verification agent that could perform quickly and without error. VeriComply did exactly that. What exceeded our expectations was the level of support from the team. They were prompt, accessible and anticipated problems before they occurred.”
“We entered into a strategic alliance with VeriComply because it has the best technology solutions for asset verification and review in the industry,” commented Louis Geibel, Chief Trust Officer of Christiana Trust. “We were able to leverage that technology to cut our review time from days to hours for the Upstart deal.”
Kristin Moore, a Senior Vice President at Christiana Trust mentioned, “VeriComply’s System is easy to navigate and intuitive. Their technical and business support was exceptional. I enjoyed working with the team and look forward to growing the relationship.”
“Our team worked closely with Christiana Trust and Upstart to implement our automated asset verification, review and management process,” said Roger Dickerson, President of VeriComply. “The VeriComply Systems supported Christiana Trust’s ability to provide superior service to their client.”
About Upstart
Upstart is the first lending platform to leverage artificial intelligence and machine learning to price credit and automate the borrowing process. Upstart has originated over $700 million in direct-to-consumer loans and demonstrated unparalleled credit performance and some of the industry's highest consumer ratings.
About Christiana Trust
WSFS Financial Corporation is a multi-billion dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally-managed bank and trust company headquartered in Delaware and the Delaware Valley. As of March 31, 2017, WSFS Financial Corporation had $6.85 billion in assets on its balance sheet and $17.57 billion in assets under management and administration. WSFS operates from 77 offices located in Delaware (46), Pennsylvania (29), Virginia (1) and Nevada (1) and provides comprehensive financial services including commercial banking, retail banking, cash management and trust and wealth management. Christiana Trust, a division of WSFS Bank, provides Trust and Agency Services to institutions, corporations, families and individuals. The Institutional & Corporate Trust business segment provides trustee and agent services to the structured finance/asset securitization industries. Christiana Trust’s mission is to provide a high level of personal service and responsive, flexible decision making by a knowledgeable team of professionals, whose objective is to facilitate and implement each client's transaction efficiently and effectively.
About VeriComply.com, Inc.
VeriComply automates asset assembly by origination platforms and asset verification for the secondary market. VeriComply is changing the paradigm from manual verification to an integrated and automated solution. The Company’s proprietary technology and processes (” VeriComply System") automatically recognizes loan files, extracts data, validates the data and creates customizable workflows to manage the data, documents and reports. The VeriComply System can be used by originators, loan buyers, and any of their service providers, including custodians, auditors, warehouse lenders, and others. The VeriComply System allows customers to verify the accuracy of loan files and data faster, easier, and less expensively than any other verification system. http://www.vericomply.com
