In August we got the news that Fitch had upgraded our rating. We were awarded ABPS2- High Performance Servicer Rating, a category uplift from our previous level 3.
The lead paragraph of the Fitch release was:
The upgrade of VLS’s rating reflects that it has demonstrated proficiency of servicing capabilities including a strong focus on robotics and process automation across servicing operations. This year VLS implemented automated payment settlements that can detect incoming loan payments and using built in loan criteria, the system identifies loans that can be fully or partially settled. This limits the human interaction required, reducing the instances of human error and improving efficiency.
🙌🏼 🙌🏼 🙌🏼
Reading this recognition of our enhanced capabilities from a sector authority was a massive boost. Not only that, it justified our two-years of hard work. As a result there were a lot of smiley faces round the table (the virtual table on zoom obvs).
Furthermore, it validated our decision to go all-in on making technology a key driver of our future.
The release also stood as testament to both the team and our own systems and processes. It called out our performance across a number of key rating categories. To sum up, Fitch saw our team industry experience, loan administration capabilities and governance controls as all being commensurate with the requirements of the level 2 rating.
What felt particularly serendipitous, was that we got the upgrade during our preparations to launch Banking Works. Above all, it’s provided a genuine proof-point of our business evolution.