FORM ABS-15G
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Rule 15Ga-1(c)(1) under the Exchange Act (17 CFR 240.15Ga-1(c)(1)) for the reporting period [________________] to [________________]
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Rule 15Ga-1(c)(2)(i) under the Exchange Act (17 CFR 240.15Ga-1(c)(2)(i)) for the quarterly reporting period [________________] to [________________]
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Rule 15Ga-1(c)(2)(ii) under the Exchange Act (17 CFR 240.15Ga-1(c)(2)(ii)) for the annual reporting period [________________] to [________________]
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Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)
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Date of Report (Date of earliest event reported):
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September 5, 2017
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__________________________________
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SOFI LENDING CORP.1
(Exact name of securitizer as specified in its charter)
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025-02080
(Commission File Number of securitizer)
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0001555110
(Central Index Key Number of securitizer)
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Robert Lavet, General Counsel, (703) 972-2039
Name and telephone number, including area code, of the person to contact
in connection with this filing
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__________________________________
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(99.1) |
Report of Independent Accountants on Applying Agreed-Upon Procedures, dated September 5, 2017.
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The completeness, accuracy, appropriateness, quality or integrity of any of the information provided by the Responsible Party, or any other party for purposes of PwC performing the procedures agreed to by the Specified Parties. The procedures performed would not necessarily reveal any material misstatement of the amounts, balances, ratios, percentages or other relationships of the information included in the data provided to us;
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The conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements;
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The value of collateral securing such assets; and
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The compliance of the originator of the assets with federal, state, and local laws and regulations.
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The interpretation of Transaction documents (including, but not limited to, indenture agreements or offering documents) included in connection with our procedures;
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Your compliance with Rule 15Ga-2 of Securities Exchange Act of 1934;
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The reasonableness of any of the assumptions provided by the Company; and
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The adequacy of the sample size, as provided by the Specified Parties, nor do we draw any conclusions about the entire Data Tape based on the sample size and results of the procedures performed.
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The phrase “compared” refers to the comparison of one or more data elements to underlying documentation.
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The phrase “recalculated” refers to a recalculation of one of more data elements using a prescribed methodology.
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An electronic data file labeled “2017-5 Initial Cut Off Tape v3.xlsx” (the “Preliminary Data Tape”):
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The “Initial Preliminary Data Tape” refers to the work sheet labeled “2017-5 Initial”
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The “Upsize Preliminary Data Tape” refers to the work sheet labeled “2017-5 Upsize”
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An electronic data file labeled “REVISED 2017-5 Initial Cut Off Tape v6.xlsx” (the “Revised Data Tape”):
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The “Initial Revised Data Tape” refers to the work sheet labeled “New Initial”
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The “Upsize Revised Data Tape” refers to the work sheet labeled “New Upsize”
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The following electronic data files (collectively, the “Supplemental Data Files”):
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“SoFi 2017-5 DD Sample_Name.xlsx” and “Revised 2017-5 borrower_name_addr_v2.csv” (collectively, the “Borrower Name File”)
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Electronic data files labeled “SoFi 2017-5 DD Sample_Servicer.xlsx” and “Revised 2017-5 Initial Cut off servicer_v2.csv” (collectively, the “Servicing Information Support File”)
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Certain promissory note, loan agreement and truth in lending act disclosure statements (collectively, the “Originating Documents”)
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For each of the Sample Loans, an export from the underwriting system (collectively, the “Underwriting System Export Files”)
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For each of the Sample Loans, and for each borrower or co-borrower, as applicable, the following data files (collectively, the “Income Verification Documentation”):
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W-2s, pay statements, personal tax returns, business tax returns, employer offer letters, and/or other documents relating to income
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Certain additional supporting documentation from the auto-verification of employment and income through the Equifax product “WorkNumber” and the InVerify Reports.
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An electronic document labeled “3.1.eIncomeGuidelinesandProcedures-300517-1432.pdf” (the “Gross Income Calculation Methodology File”)
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Sample Characteristics
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1. Borrower first name
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8. Loan maturity date
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2. Borrower last name
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9. Forbearance end date (if applicable)
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3. Borrower state
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10. Scheduled monthly payment
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4. Original loan balance
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11. Loan status
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5. Current interest rate
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12. Borrower credit score
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6. Current loan balance
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13. Gross income
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7. Loan origination date
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Sample Characteristics 1, 2, 4 and 8: the Originating Documents
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Sample Characteristics 3, 5-7 and 9-11: the Servicing Information Support File
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Sample Characteristic 12: the Underwriting System Export Files
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Sample Characteristic 13: a recalculated value derived using the Income Verification Documentation and the Gross Income Calculation Methodology File
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Sample Characteristic
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Loan ID
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Data File Value
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Source File Value
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13. Gross income
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3342656
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$74,000.00
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$58,509.80
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13. Gross income
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4059482
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$88,697.12
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$84,197.12
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Rely upon this report, and any use of this report by that Non-Specified Party is its sole responsibility and at its sole and exclusive risk;
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Acquire any rights or claims against PwC, and PwC assumes no duties or obligations to such Non-Specified Party.
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Sample Characteristics
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Data File
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Data Field
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Source File
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Source Field
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1. Borrower first name
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Borrower Name File
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first_name
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Originating Documents
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N/A
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2. Borrower last name
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Borrower Name File
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last_name
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Originating Documents
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N/A
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3. Borrower state
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Data Tape
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state
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Servicing Information Support File
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state
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4. Original loan balance
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Data Tape
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original_prin
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Originating Documents
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N/A
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5. Current interest rate
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Data Tape
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cur_int_rate
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Servicing Information Support File
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interest_rate
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6. Current loan balance
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Data Tape
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current_prin
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Servicing Information Support File
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prin_amount
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7. Loan origination date
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Data Tape
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first_disb_dt
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Servicing Information Support File
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origination_date
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8. Loan maturity date
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Data Tape
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maturity_dt
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Originating Documents
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N/A
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9. Forbearance end date (if applicable)
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Data Tape
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forbearance_end_dt
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Servicing Information Support File
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dfr_forb_end_date
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10. Scheduled monthly payment
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Data Tape
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cur_pmt_amt
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Servicing Information Support File
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monthly_payment_amount
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11. Loan status
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Data Tape
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loan_status_detail_desc
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Servicing Information Support File
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loan_status
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12. Borrower credit score
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Data Tape
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credit_score
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Underwriting System Export Files
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N/A
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13. Gross income
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Data Tape
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gross_income
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Income Verification Documentation, Gross Income Calculation Methodology File
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N/A
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With respect to our comparison of Characteristic 3, in the event that the borrower state, as set forth on the Data Tape, did not match the Servicing Information Support File, the Originating Documents were used to perform the Procedures;
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With respect to our comparison of Characteristic 10, differences of $1.00 or less are noted to be “in agreement”;
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With respect to our comparison of Characteristic 12, if multiple credit scores are observed in the Underwriting System Export Files, the highest score is used;
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With respect to our recalculation of Characteristic 13, if a Sample Loan included a co-signer or co-borrower, we were instructed to include the gross income of such co-signer or co-borrower in the calculation of gross income for the purposes of the Procedures; and
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With respect to our comparison of Characteristic 13, differences of 3.5% or less of the gross income amount indicated on the Data Tape are noted to be “in agreement”, however, the Company noted 1 borrower (Loan ID 3873362) that qualified for their loan with a gross income value that was lower than the PwC recalculated value and the difference between the PwC recalculated value and the Data Tape value is greater than 3.5%. For this loan, “Gross income” is noted to be “in agreement” if the Data Tape value matches the “gross income” value listed in the Underwriting System Export Files.
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