Lead Product Counsel, Upstart
Home Lending
$199.2-275.7k
Listed salary is applicable to remote locations only, and may vary for office-based candidates. Plus bonus and equity
More information about location
AI lending marketplace
Be an early applicant
AI lending marketplace
1001+ employees
Be an early applicant
$199.2-275.7k
Listed salary is applicable to remote locations only, and may vary for office-based candidates. Plus bonus and equity
More information about location
1001+ employees
Company mission
To enable effortless credit based on true risk.
Role
Who you are
- J.D. degree with superior academic credentials and a state bar membership
- At least 6+ years of experience in a top-tier law firm, government, and/or an in-house legal dept with a banking and/or regulatory focus
- In-depth knowledge of federal and state home lending and consumer protection laws and regulations, including FCRA, RESPA, TILA, GLBA, UDAAP, EFTA, and ESIGN
- Background with mortgage fair lending issues arising under FHA, ECOA, as well as HMDA, CRA, and state and federal civil rights laws
- Strong communication skills with a demonstrated ability to effectively and proactively provide quick, concise, and practical legal advice
- Excellent judgment with demonstrated decision-making capability while dealing with legal, regulatory and business issues involving competing interests
- Experience working for or with a fintech or proptech company, preferably in a vertically integrated company covering loan origination, title, and real estate preferred
What the job involves
- As the Lead Product and Regulatory Counsel - Home Lending at Upstart, you will play a key role in helping develop new products to serve the home lending market and establishing the legal and regulatory framework for Upstart’s home lending platform
- Build strong, trusted relationships across the organization
- Serve as a core member on the Home Lending leadership team as we build, launch, and scale new loan products such as HELOCs and eventually purchase loans
- Provide prompt, proactive, practical legal advice cross functionally on the application of state and federal laws and regulations governing various consumer financial products offered via Upstart’s platform, including developing legal analyses and requirements documents for new products and features
- Advise product and engineering team on the design of new consumer product flows
- Provide advice and guidance on disputes and issues escalated from the Compliance team including, but not limited to, those related to mortgage advertising, underwriting, closing and servicing
- Analyze new laws and regulations and their applicability to Upstart’s lending platform
- Advise on internal and external consumer agreements, notices and disclosures
- Review internal policies and procedures to ensure compliance with applicable laws
Our take
Business startups across the world usually seek out funding, but this is often difficult for companies led by millenials. Millennial entrepreneurs with an excellent track record in business are increasingly requiring access to these loans, but their lack of credit history results in proposals frequently being declined.
Upstart provides loans that are aimed towards the target audience of millennials with entrepreneurial intentions, offering low interest rates that average at 12%. The company claims these rates are 10% lower than traditional lenders, and the service aims towards ensuring that the client is subject to no further fees (such as prepayment penalties).
Upstart claims that its unique selling point lies in the fact that its loans are funded the day after approval. Whilst the service focuses on personal loans for business, the company has also expanded to offer loans for car refinancing. Over 2022 and 23, Upstart's stocks fell dramatically and an investigation was undertaken by a law firm representing the company's long-term investors over alleged security law violations by its board of directors. However, the end of 2023 saw a 20% stock value rise for Upstart after its partnership with Mutual Security Credit Union led to a rise in customers, indicating that it is on the up after a difficult two years.
Freddie
Company Specialist at Welcome to the Jungle
Insights
-16% employee growth in 12 months
Company
Funding (last 2 of 6 rounds)
Apr 2019
$50m
SERIES D
Mar 2017
$32.5m
SERIES D
Total funding: $135.7m
Company benefits
- Comprehensive health plans
- 401k Plan
- Life insurance
- Disability insuranc
- Generous vacation policy
- Flexible time off
- Parental leave
- Technology equipment budget
- Personal development budget
- Various clubs and extracurricular activities
- Catered lunches
- Fully-stocked micro-kitchen
Company HQ
South San Mateo, San Mateo, CA
Leadership
David Girouard
(CEO)They started their career at Accenture and Booz Allen & Hamilton before working in Product Management at Apple and Virage. They left their role of 8 years as President of Enterprise at Google to found Upstart in March 2012.
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