Peak Series – Assistance during Covid19: PPP Loans – wait now we have to service these?

At Peak Consulting our focus for the SBA PPP loan program is not just on automation for the loan boarding process but it also involves best practices on the servicing side. For years we have worked with traditional SBA 7(a) lenders on servicing and reporting in an efficient, scalable manner. In some cases, lenders were able to get by with manual processes because they had small SBA portfolios.

However, the major challenge with the PPP scenario is the large increase in volume for many lenders and the fact that some lenders were getting into SBA lending for the first time. Whether you are new to SBA lending or simply want a more efficient and scalable process, we are here to help.

We often find that many banks are manually creating the SBA 1502 report, have product specifications that don’t default on the ideal loan settings, have loan specifications that are counterproductive for SBA loans, have incorrect coding at the loan level, and are not splitting payments correctly. All of these factors dramatically affect SBA servicing efficiency. And we didn’t mean for the better, ha-ha.

So… if you think your SBA servicing process is a laughing matter, contact us today!