Significant resources are dedicated to develop internal expertise and manage direct investor relationships. Information flow is an essential element in developing a successful long-term securitization program. Provident seeks to develop an open platform for efficient and timely flow of quantitative and qualitative knowledge. Accurate data and efficient information flow are two of the most important aspects in the long-term success of a securitization program. Provident maintains quality control programs at the individual business unit level as well as at the corporate level.
Business units are responsible for ensuring data and file integrity at the time of asset booking.
This may include full file reviews, data checks and collateral perfection reviews. Audit control at the corporate level is independent from the business units and reports directly to the board of directors. It is divided into separate concentration units thus benefiting in increased control and specialization over multiple asset portfolios and deposit areas. These reviews are performed at quarterly or yearly intervals and include testing over internal controls, regulatory compliance, data accuracy, and file integrity. With being a federally regulated bank, all subsidiaries are held to the same high standards.