Moody’s Analytics Offers Free Online Portal to Help Reduce Potential Backlog of PPP Loan Applications
Moody’s Analytics announced that its small business loan application and lending portal will be made available for free to all lenders seeking to expedite the processing of loans under the CARES Act Paycheck Protection Program (PPP). The portal captures the requisite loan application information from borrowers and generates a risk and compliance assessment to expedite the review process.
Moody’s Analytics offers free online portal to help reduce potential backlog of PPP loan applications.
“Lenders are facing unprecedented challenges in processing the volume of PPP applications and need a solution that is ready now,” said Steve Tulenko, President of Moody’s Analytics. “Our online portal helps banks onboard new customers, where the underwriting process tends to be more resource intensive.”
Recommended AI News: Automation Provides A Content Lifeline For Remote Work
Many borrowers seeking urgent financial relief do not have an existing business banking relationship, and may face delays when submitting their application as a result. Lenders need an efficient way to receive loan applications and related documentation, get to know the borrowers, and identify fraudulent applications. The portal addresses this challenge by helping lenders efficiently and consistently collect and process loan information and interact with customers on a secure, online interface.
Recently enhanced to capture the information required by the SBA under the PPP program, the portal also includes trusted credit scoring that helps lenders assess small business borrowers at origination and monitor their credit status throughout the life of the loan.
Additional Know Your Customer (KYC) check functionality has also been added to the portal, enabling lenders to quickly and easily screen out fraudulent applications. This functionality is available through the industry-leading customer screening capabilities provided by RDC, a Moody’s Analytics company.