Platform Now Supports API Access to SBA E-Tran and E-sign Features to Fully Automate Lending Process
NEW YORK, NY—April 22, 2020—LoanStreet Inc. has strengthened the features of its specialized SBA PPP platform to include a direct API connection to the SBA E-Tran system as well as additional electronic signature capabilities. Financial institutions of any size can now streamline and scale the borrower intake process as well as the subsequent communication of the PPP loan application between the lender and the SBA using LoanStreet.
“LoanStreet’s specialized SBA PPP Platform provides all the necessary tools to enable financial institutions to immediately originate, receive SBA E-tran approval, and service SBA PPP loans at scale regardless of their prior experience with the SBA or existing technology capabilities,” Ian Lampl, CEO of LoanStreet, said. “Now that additional funding is being approved for the SBA PPP it will be critical for lenders to have systems already in place to process applications at scale as any additional funding cap will also likely be oversubscribed.”
LoanStreet’s SBA PPP lending platform immediately enables financial institutions to originate, request E-tran approval, service and report SBA PPP loans at scale without prior SBA experience. Its features include:
- Direct API connection to E-Tran that enables the lender to submit the application form to the SBA for approval.
- E-sign capabilities to support a fully electronic process for the borrower and the lender.
- SBA PPP underwriting and servicing modules that enable the lender to securely collect the required application and supporting documents and retain them for audits and examinations as well as automate all calculations and reporting required by the SBA on an ongoing basis.
- Pre-loaded lending terms to align with the SBA PPP requirements within the CARES Act. With just a few inputs, PPP loans are fully boarded for automated servicing.
- Intuitive integrated platform requiring no on-site installation; can be used by remote staff and requires almost no training; no duplication of effort or re-keying information over time.
“We want to ensure all financial institutions have robust systems to communicate with their borrowers as well as with the SBA and we know LoanStreet’s expertise in software and lending can help,” Lampl concluded.
About LoanStreet Inc.
LoanStreet is the first fully-integrated, online platform that streamlines the process of sharing, managing, and originating loans for credit unions, banks, and alternative lenders. LoanStreet was founded in 2013 with the mission to create a more efficient, transparent, and robust way of administrating loans and connecting the lending market. LoanStreet’s nationwide network of hundreds of financial institutions gives lenders the ability to profit and grow by combining technology and dedicated expertise to mitigate the constraints otherwise caused by geography, size, or concentration limits. Over 600 financial institutions now use LoanStreet’s software solution to successfully do business with each other and maximize the potential of their respective organizations. LoanStreet was co-founded by Ian Lampl, former Deputy Chief Counsel for TARP, following the financial crisis to meet the acute need he saw for a standardized and automated loan sharing platform.