LoanPro Software is pleased to announce the launch of its new PPP Loan Platform. “Our focus on configuration, not custom builds, is what made it possible for us to get this new PPP loan workflow software into the hands of every PPP lender without delay,” said Cesar Olea, LoanPro’s CTO.
“This is only possible because LoanPro is built entirely upon its own API, is fully cloud-based (hosted on AWS), and is highly configurable,” continues Cesar.
“LoanPro is currently being utilized by US lenders today to lend, service, and collect on tens of billions of dollars in active loan portfolios. LoanPro’s team and tech-stack are ready to assist lenders looking for a PPP loan software solution,” added Lloyd Roberts, LoanPro’s CSO.
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“The PPP loan program is an amazing opportunity for many US lenders, especially given that the Federal Reserve announced on Thursday, April 9th, 2020, that they will loan at face value against PPP l****, eliminating all lender capital constraints. It is now also clear that PPP lenders will retain servicing for the life of each PPP loan. Section 5 of the ‘New Lender Agreement’ application, signed by all lenders issuing PPP l****, states ‘… all servicing actions will be the responsibility of the Lender…’ We are here and prepared to help!” said Rhett Roberts, CEO of LoanPro Software.
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Banks and alternative lenders are seeing a hundredfold increase in loan applications due to the Federal Payroll Protection Program (PPP). The resulting backlog in applications is forcing traditional lenders to find new ways to service the volume. Lenders are turning to software to assist.
As Federal money begins hitting bank accounts, lenders are finding a new problem — servicing all of these l****.
As the new SBA-backed lending program (PPP) seems to be ever-evolving, what role does software play in the PPP loan process? Many lenders know that in-house software builds are costly and more importantly, time-consuming. In the current environment, time is simply one luxury PPP lenders just don’t have.
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