Vesta Supports Launch of Upstart’s New Home Equity Line of Credit Product
02 Novembro 2023 - 12:00PM
Business Wire
Vesta, a SaaS provider of mortgage loan origination software
(LOS), today announced that it partnered with Upstart (NASDAQ:
UPST), the leading artificial intelligence (AI) lending
marketplace, on the successful launch of Upstart’s new home equity
line of credit (HELOC) product. Upstart’s mortgage affiliate,
Upstart Mortgage, is now originating HELOCs in several states
across the U.S.1
While traditional HELOCs take more than a month to fund, Upstart
is targeting fewer than five days. Upstart aims to reach that goal
by leveraging its AI-enabled pricing and decisioning, combined with
Vesta’s next-generation loan origination software, to automate the
entire process and ensure compliance with the complex regulations
associated with home lending.
"Vesta’s robust APIs, ecosystem integrations, and automation
capabilities were the perfect match for our tech-forward lending
approach,” said Jared Jones, Upstart’s General Manager of Mortgage.
“Together, we’re creating home lending experiences that weren't
possible before."
The partnership with Vesta delivered key wins for Upstart in
three important areas:
- Accelerated rollout: Vesta’s out-of-the-box solution and
easy integration with Upstart’s proprietary technology helped to
accelerate the rollout of the HELOC product. Vesta’s offering
included an advanced home lending system of record, user interfaces
for operations teams, and integrations to 30+ ecosystem partners,
as well as the ability to seamlessly outsource task management,
document generation, and compliance.
- Responsive customer experience: Upstart was focused on
matching its superior customer experience with an advanced system
of record, and only Vesta’s LOS was able to meet Upstart’s
standards. In particular, Vesta’s API allowed for fast
communication between the customer-facing application and system of
record, which helped to deliver a more accurate and efficient
experience for borrowers.
- Automating origination: From the outset, Upstart’s goal
was to maximize automation and limit manual review to exceptions,
such as ambiguity in document authenticity. With Vesta’s task
inbox, Upstart is able to isolate these few instances and redirect
them to the operations team, keeping the majority of the processes
automated.
“The partnership between Upstart and Vesta is a testament to
what can be achieved when tech-forward companies come together,”
said Vesta CEO Mike Yu. “Upstart's tech-centric ethos found a
perfect match in Vesta's state-of-the-art platform, culminating in
a home-lending solution that's efficient, compliant, and highly
automated.”
Upstart is targeting online approval in less than 10 minutes and
a closing process of less than five days for an Upstart-powered
HELOC, a significant improvement over the industry average closing
time of more than a month. Working with Vesta, it can leverage a
robust system that adapts, evolves, and scales according to market
needs in order to reach that goal.
About Vesta
Vesta is a SaaS provider of mortgage loan origination software.
The platform provides lenders with a modern system of record,
customizable workflows for end-to-end mortgage loan fulfillment
process, and open, cloud-based APIs. The company was founded in
2020 by early Blend employees Mike Yu and Devon Yang. Investors
backing Vesta include Andreessen Horowitz, Bain Capital Ventures,
Conversion Capital, Index Ventures and Zigg Capital. For more
information, visit: www.usevesta.com or Vesta’s LinkedIn.
1 All home equity lines of credit are originated through Upstart
Mortgage, LLC, an Upstart affiliate company.
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version on businesswire.com: https://www.businesswire.com/news/home/20231102612132/en/
Zander Steele Vesta zander@usevesta.com
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