When one loan can be sold twice.
Non-bank lenders, or originators, raise their funding from many funders at the same time. Early in 2026 one of them, a London lender, went into administration amid allegations that the same mortgages had been pledged to several of its funders at once. The lender's funders discovered the overlaps together, after the money had moved. Nobody had spotted them earlier, because nobody could see the whole picture.
The market's usual answer is a verification agent, with the originator handing over its funders' tapes to be cross-checked. It is sensible, and it works as far as it goes. But the originator chooses which funders to name, so the check covers the map the originator draws, and a funding line left off that map keeps its duplicates out of sight.
None of this needs bad faith to happen. Most discrepancies turn out to be honest data errors, and originators and funders want the same thing. The trouble is that the trust between them has been asserted rather than checked.
The check has two parts.
Every party sends us the tape it already produces, separately, so nothing routes through anyone else. We cross-check every feed and report the same findings back to everyone, every month.
We find the same loan across every funder.
The originator sends us its whole book, and each funder sends the slice it funds. We line them up and look for any loan that is live under more than one funder with no transfer or redemption to explain the overlap.
Loan IDs can change freely, so we never match on them. Every loan instead carries a ROSA Signature: the borrower, the property and the debt, read from facts fixed when the loan was written. Those facts appear on every funder's tape, because every feed describes the same original event. Two funders holding the same signature are funding the same loan.
Hiding an overlap would mean inventing a different borrower, property and debt, and keeping the invention consistent on every funder's tape, month after month. We don't claim that can never happen. We make it very hard to do, and very hard to keep doing.
And a hidden funder rarely stays hidden.
Matching only works on the funders we know about, so we also keep the registry of who funds whom. A funder weighing up a new line can ask us how many others already sit behind that originator, and nobody wants to be the funder left outside the count. So a funding line left off the registry tends to surface.
- Funder A on file
- Funder B on file
- Funder C on file
- Funder D surfaced
Almost nothing
to switch on.
ROSA is a data-integrity check, not an audit. We run an agreed set of procedures over the data you already produce and report the factual findings. You send the tape you already make each month. Everything else is our job.
- The full set of funders behind each originator's book.
- Each party's standard data tape, sent to us separately.The file you already produce each month. Nothing reformatted.
- That's the whole list.Every month, we cross-check it all and send each party its own report.
- No access to your systems or databases.
- No access to bank accounts or money flows.
- No integration with your pipelines.
- No changes to your data tape. In fact, please don't.We want to see it as it really is. Untouched data is better evidence.
- No software to install, no onboarding project.
ROSA never needs to know who anyone is.
The check needs no names, no full dates of birth and no full addresses. A loan's signature is read from pseudonymised facts fixed when the loan was written, and the check is designed so that we cannot identify any borrower.
You don't have to take this on trust. The tapes we receive carry none of those details in the first place.
Graded findings, plainly put.
Each party receives its own report, built from the same findings and the same evidence, every month.
Findings are graded rather than marked as a flat pass or fail, so the loud alarms stay rare and worth listening to. An overlap caught before completion is an early warning, raised while there is still time to settle which funder the loan belongs to before any money moves. An overlap found at completion is escalated to every contracted party at once, with the evidence attached.
Everyone submits
Each party sends its month-end tape, separately, within five working days.
We reconcile
Each loan's signature is cross-checked across every feed, pipeline and completed alike.
Everyone hears back
One graded report per party, in its own private folder, within three working days.
Findings carry over from month to month, tracked as new, persisting, escalated or resolved. A missing feed holds a finding open; the finding is never quietly closed.
We're the fire alarm, not the fire brigade.
ROSA grades. The parties adjudicate.
The case each side can make.
Almost nobody signs ROSA off alone. A funder takes it to a credit committee; an originator proposes it to its funders. This is what each side brings to that conversation.
Independent verification, and first sight.
Confidence that the loans you fund are not pledged elsewhere, and the first look at any that are. An overlap caught in the pipeline reaches you as an early warning, while there is still time to settle which funder the loan belongs to before completion.
ROSA is contracted to every party on the same terms and has no stake in any loan's outcome. Every party receives the same evidence at the same time, so no one can commission, suppress or preview a result. And when you weigh a new line, ask us how many funders already sit behind that originator. Within a business day you have a signed registry extract: counts, line types and dates, never other funders' names.
Your word, independently checked.
"We don't double-pledge" becomes something you can show rather than say, checked every month by a party with no stake in any loan's outcome.
Your funders get the stringency their own boards are asking for, and your team's part stays small. You send the tape you already produce, once a month, and that is the whole job. No onboarding project, nothing for your operations team to relearn.
ROSA is built by people who have operated non-bank lenders and answered to their funders. We know these tapes first-hand, and we know where they go wrong. ROSA is the check we always wished existed.
See both sides
of your book.
ROSA is built in the United Kingdom and reads secured-lending tapes from any market. If you fund a non-bank originator, or you are one, a short conversation is the fastest way to see how ROSA fits.
Your data, legal and risk teams will have questions. The FAQ answers the common ones before your first call.
Commercials on request.