SitusAMC Launches Paycheck Protection Program Support Offering
NEW YORK, NY (May 18, 2020) – SitusAMC today 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.
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.”
Chris Consoli, Chief Technology Officer of SitusAMC added, “We see one of the major challenges of the PPP being data fidelity. We built our Loan Forgiveness Portal knowing that with shifting government guidance in terms of what is considered forgivable, lenders and their borrowers would need an easy-to-use hub where they could properly capture, manage and submit supporting documentation. Additionally, the system leverages data-driven intelligence to perform calculations that are consistent and repeatable despite the evolving nature of the program.”
To learn more about SitusAMC’s PPP Support Offering visit https://www.situsamc.com/paycheck-protection-program-support-solutions or connect with an expert at Connect@SitusAMC.com
SitusAMC (www.SitusAMC.com) is a leading provider of consulting, strategic outsourcing and technology solutions to participants in lending and capital markets. In 2019, SitusAMC supported the origination, valuation, diligence, and servicing of approximately $7T in financial assets. As a trusted solutions provider, SitusAMC has (i) aided a number of institutions with the processing of PPP loans, (ii) conducted due diligence and brokered secondary market sales of PPP loans, (iii) created technology and staffing solutions grounded in a consistent data driven, rules driven, automated process to facilitate borrower outreach, workflow management, and evaluation of PPP loans for debt forgiveness.