Secure Token Service related error 800703fa

While configuring SharePoint 2010 Farms, sometimes while using Claims Authentication the below error used to popup every morning on the front end servers. The strange thing is that it would disappear after an application pool recycle.

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Retrieving the COM class factory for component with CLSID {080D0D78-F421-11D0-A36E-00C04FB950DC} failed due to the following error: 800703fa.

Description: An unhandled exception occurred during the execution of the current web request. Please review the stack trace for more information about the error and where it originated in the code.
Exception Details: System.ServiceModel.FaultException`1[[System.ServiceModel.ExceptionDetail, System.ServiceModel, Version=3.0.0.0, Culture=neutral, PublicKeyToken=b77a5c561934e089]]: Retrieving the COM class factory for component with CLSID {080D0D78-F421-11D0-A36E-00C04FB950DC} failed due to the following error: 800703fa.

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If you look at the Stack trace, it becomes clear that the error is related to the WCF Service and in this case, it was related to the Secure Token Service (STS) application. To fix this error, open up IIS and navigate to the application pools section. In that are open the SecureTokenServiceApplication pool account and modify the “Load User Profile” property in advanced settings.

By default this property is set to False, change it to True and this should fix the error.