SitusAMC announced that the firm has launched a Paycheck Protection Program (PPP) Support Offering to aid PPP lenders. The offering brings together staffing solutions and a proprietary technology system – SitusAMC’s Loan Forgiveness Portal – to help lenders, both large and small, release operational pressure and improve their customer’s experience across the PPP loan lifecycle.
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The SitusAMC offering combines the expertise gathered by aiding in the processing, underwriting, and quality control review of over 125,000 PPP loan applications and loans to date, with (a) leading technology to implement the forgiveness component of the PPP program, (b) consulting and advisory services to aid borrowers in understanding the PPP and its requirements, (c) due diligence and loan quality control services to audit loans already originated, (d) a loan forgiveness application complete with supporting documentation capture, (e) loan forgiveness processing systems and staffing capabilities, and (f) SBA servicing solutions.
“System limitations and a lack of available and trained staff are leaving many financial institutions’ ability to fulfill and manage PPP loans at risk,” stated Michael Franco, Chief Executive Officer of SitusAMC. “These risks are only further heightened by the political scrutiny on the PPP program, class action lawsuits, and potential false claim act damages on government lending. Through data and documentation review, operational assessment and readiness planning, debt forgiveness decisioning and support, and the implementation of our Loan Forgiveness Portal, our goal is to help lenders create efficiencies, mitigate risk, and ultimately deliver on their PPP customer’s needs.”
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