Automation & SBA PPP

Banking Partners:

As we enter the first full week of supporting the SBA PPP and related loan modification efforts, I wanted to share a brief update from our vantage point.

Many of our Community Banking partners have already seen a high volume - some over 600 applications in just 24 hours. While some of this volume is slowing – we expect another push early this week. Of course, now the collective challenge is validating the applications, performing the QC and getting these submitted and funded.

The solutions that we are maturing to that end:

• Loan Submission Portal: We have a variety of Banks using our Lenders Cooperative Loan Portal to accept SBA PPP App and documentation submissions. While basic, it is helping organize the Bank’s workflow and ensuring a clean and secure way for customers to upload supporting documentation. We continue to welcome other Banks at no cost. It takes about 4-8 hours to setup a new Bank.
• PPP PDF – SBA E-Tran: This weekend we have worked with several Bank partners to automate the SBA PPP application into the SBA E-Tran system. This essentially involves us reading the PDF, staging a QC file for your review, and automating the insertion into E-Tran. We hope we can provide this to many of you over the next 24 hours. This process may be helpful, as we are seeing a wide range of quality being submitted from borrowers. (this is helpful for those that may not have a formal LOS for SBA PPP)
• E-Tran Funded -> Core Boarding: The final phase is helping automate the loan on-boarding into your Core. While this may not be required for smaller Banks, we have a few larger clients that will find this helpful. Look for more information in the coming days on this process.

We will keep sharing best practices and ideas around efficiency as we learn them. Please let us know how we can support your organization as you work through this volume.