Thank you CrazyCzech for bringing this to our notice. I found the following exchange very insightful, providing further hints that Upstart is already making moves into the mortgage space.
Excerpt from the WSFS conference call below:
Erik Zwickx – Boenning & Scattergood – Analyst
That’s great. I really appreciate the detail there. And with regard to the new Upstart partnership, any color you can provide in terms of what you expect for average loan size, credit risk profile and just kind of the growth outlook going forward?
Dominic C. Canuso – Executive Vice President and Chief Financial Officer
Yeah, sure, so obviously, it’s in the early stages. This is a primarily unsecured product and as we’ve seen is more of a debt consolidation. The yields are in the low-single – low-double digits, so 12% to 14%. The average loan is about $15,000. All of this is within our footprint, utilizing our underwriting approach and strategy, applying Upstart’s AI proprietary scoring system. And all with the opportunity to build into further relationships beyond the loan into deposits, mortgage, and deepening the relationship across WSFS.