▾ G11 Media Network: | ChannelCity | ImpresaCity | SecurityOpenLab | GreenCity | Italian Channel Awards | Italian Project Awards | ...
InnovationOpenLab

Vesta Supports Launch of Upstart’s New Home Equity Line of Credit Product

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 ...

Business Wire

SAN FRANCISCO: 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.

1All home equity lines of credit are originated through Upstart Mortgage, LLC, an Upstart affiliate company.

Contacts

For media inquiries, please contact:
Zander Steele
Vesta
zander@usevesta.com

Fonte: Business Wire

If you liked this article and want to stay up to date with news from InnovationOpenLab.com subscribe to ours Free newsletter.

Related news

Last News

Displaid selected by Bravo Innovation Hub

Displaid is a monitoring-as-a-Service startup that improves the management of infrastructure networks by identifying the types of damage in advance.

Lottomatica Group buys SKS365

Through the deal, Lottomatica would become the outright largest omnichannel gambling group in the Italian market.

Italian Apio for the cocoa supply chain in Africa

Apio revealed his blockchain platform at the Eurochocolate fair in Perugia (Italy).

Siav Group of Italy for the first time at Gitex in Dubai

The Enterprise Content Management company presents its international strategy along with the new Siav Connect platform and Checker app

Most read

HARMAN Acquires Roon, a popular Multi-Device, Multi-Room Audio Technology…

HARMAN, a wholly-owned subsidiary of Samsung Electronics Co., Ltd. focused on connected technologies for automotive, consumer, and enterprise markets,…

Salesforce and AWS Expand Partnership for Customers to More Easily Build…

At AWS re:Invent, Amazon Web Services (AWS), an Amazon.com, Inc. company (NASDAQ: AMZN), and Salesforce, the #1 AI CRM (NYSE: CRM), today announced a…

The 5th World Science and Technology Development Forum Opens in Shenzhen

On the November 24, the 5th World Science and Technology Development Forum (WSTDF) opened in Shenzhen, Guangdong. Chairman of the China Association for…

Hewlett Packard Enterprise Reports Q4 Results to Close Impressive Fiscal…

Hewlett Packard Enterprise (NYSE: HPE) today announced financial results for the fourth quarter and full year ended October 31, 2023. "In fiscal year…

Newsletter signup

Join our mailing list to get weekly updates delivered to your inbox.

Sign me up!