ALL LPQ Clients Can Accept SBA PPP Loan Applications [Webinar Recording]

Posted by Paul Forrest

The materials available in this article are for informational purposes only and not for the purpose of providing legal advice. You should contact your own advisors with questions regarding the content herein. The opinions expressed in this article are the opinions of the individual author and may not reflect the opinions of MeridianLink, Inc.

Below is the recording of our latest webinar: ALL LPQ Clients Can Accept SBA PPP Loan Applications NOW! presented by Paul Forrest, VP of Sales Engineering at MeridianLink. This webinar is part of a webinar series is designed to assist our clients and the industry at large in navigating these challenging times. To review all of the past webinars and to stay informed of the future webinars, click here

 

 

 

Paul Forrest:

Good morning, afternoon, everyone. This is Paul Forrest at MeridianLink. Today we're going to go through an introduction and demonstration of the MeridianLink, SBA PPP fast track loan application system. Looks like we still have a couple people logging in, so I'm going to give it 20 seconds if that. Couple of housekeeping items, we do have some MeridianLink employees online and they are here and ready to answer your questions. Hopefully everyone has participated in a MeridianLink webinar before. There is a question pane right attached to your GoToWebinar tab. You can type in a question, we'll see that come up and I try to answer them live, so I'll try to read it out and answer. If it's something we don't get to, we will try to type in a response during the webinar.

Paul Forrest:

If we don't get to your question during the webinar, we will reply to any unanswered questions after the webinar. Okay. The purpose today is to go over a MeridianLink's SBA PPP fast track application. All right? First slide here is what is a MeridianLink SBA PPP fast track system? All right, I always think it's helpful just to set some parameters, guidelines of what we're looking at. This is a solution that's designed to be rapidly deployed. It's an off-the-shelf solution that's going to allow the FI to do a couple things. So first thing is it's going to allow you to offer SBA PPP mobile-ready application, so they can put in an application via telephone, tablet or desktop. I know I'm going right into it. I'm conscious of everyone's time so I still see some people coming in.

Paul Forrest:

This is recorded so we will have a recorded version available in case you miss anything. Now what this is designed to do, first as I mentioned, mobile-ready application for the SBA PPP program. We're going to set this up so you will be able to eSign the SBA 2483 form, plus we've created an additional owner addendum that can go along with that. Using our automated actions workflow, we're able to send an automated email checklist to the primary owner with a list of any required documents. I'm going to show you that in the process, and we've got an easy solution that's going to allow the business to securely upload any required documentations. All right? Before we get started here, I still see some people coming in.

Paul Forrest:

I would like to go through a poll, a couple of real quick hits. I'm not going to take a long time on this, but just to get an idea on what's your knowledge level is and what's your current usage is. The first thing is application portal. So for your financial institution, what is your current portal usage? Is it you currently use it, are you implementing it, are you considering, have you looked at it or, and I see 1% here and this always gets me, what is application portal? Okay? I'm not going to wait too long. I'd like to try to get 50% of the people, and I'm at 50% of the people right now. Okay, so I am going to close that poll. I will share the results real quickly, just so everyone can see. It looks like most of the individuals online are currently using application portal.

Paul Forrest:

That's great, so I don't have to go into a whole lot of the details on app portal. The next question is the two things that are going to be utilized in this rapid deploy solution. First, we will create an instance of application portal. Second thing is we need to turn on the MeridianLink business loan module. So there's a question right here. Do you currently use the MeridianLink business loan module? Paul, I got a question here about, will you get a copy of the presentation? Absolutely. So we will be able to give you the PowerPoint, which if you've seen my presentations before, I'm not a huge PowerPoint guy. There's two, maybe three PowerPoint slides and then we hop right into the application. That's what everyone wants to see.

Paul Forrest:

Jamie, I do have the most current SBA forms, and we have already mapped the SBA documents. So the whole point of this is to have a off-the-shelf solution that we can, like I said, very rapidly deploy. So we already have the document, we've already mapped the document. I'm going to show you what that looks like. If there's changes that you need to be made, if you think we've made errors, we can correct that. But I think I've looked at the document, it looks ready to go, so that's going to make that a much quicker thing. Sorry about that close. All right, so I've got an idea on everyone's comfort level. All right? Now let's take a look at the experience.

Paul Forrest:

What would I like to see here? If you have a phone, iPhones worked the best, I'm a bit of an Apple guy, so if you have your iPhone, you can pull the camera up, you can aim it at your screen right here at this QR code and it's going to pull open a sample application for you. I'm going to give you just a second here to view that. Okay, hopefully everyone's got there. There is a question. So poll on business module perhaps, now online. Chrissy, that is a good point and I should have clarified that. The business module was, do you use it at all? Not necessarily, do you offer online business loans? I know a lot of our users don't do online business lending, but the question is to see if you've enabled that module as part of your LoansPQ. So hopefully that's how everyone answered that, and that gives us an idea.

Paul Forrest:

All right, so if everybody has had just a minute or so to scan this QR code, that should bring you up to a screen that looks something if not exactly like this right here. Oops, which of course is showing up behind my other pages. The idea here is we are going to directly link right into this SBA PPP program application. Okay? So I'm making this very quick, very simple. It is designed to be just like all application portal. It is mobile friendly. So if we are sitting here and we are on a ... Let's just pull my emulator out real quick. I'm going to be able to get to my screen where I can see. But if we're sitting here and we're doing an iPhone, so you should be looking at something that looks like this right here.

Paul Forrest:

So the great thing with this is it's going to allow individuals, they're at home, they can't get to their desktop maybe, whatever the case might be, they can come through one any device on an iPad, they can come in on their computer and this is going to be scalable, responsively designed, so they're able to start this loan application. All right? The first thing we've done here, and I had to break this up a little bit, just the way that the MeridianLink system currently works, I've got a primary purpose right here. All right? These are the three purposes that are detailed in the SBA form. I'm going to say that this is payroll, all right? The next thing we have to do is we have to establish the loan request amount.

Paul Forrest:

The loan request amount is a mathematic calculation where they take their average monthly payroll, they multiply that by 2.5, they're going to add in any EIDL, which of course everybody knows is economic injury disaster loan, I had to read that, the net advance of if applicable, and that equals the loan request amount. So let's just say 250,000. The term, it's a 24 month term. All right? If I said other above, I would have to type in my purpose of the funds. I'm going to say not applicable. I have set up a question here, number of employees, and I've done that with a validation role. So if I come through here, and if I now say my secondary purpose is utilities, I'm going to enter in my average monthly payroll, which let's just say is going to be 150,000. [Whoop! 00:08:50]

Paul Forrest:

We're going to have a pop up here that says, "Eligibility is limited to businesses with up to 500 employees or which meet applicable size standard for the industry as provided by SBA's existing regulations." Again, this is just standard texts from the SBA. So right now I'm getting an error because I cannot have over 500 employees the way the application is currently configured. So it does allow them to go back here and hopefully they made a mistake and that should've been 250. I'm going to continue. Now, we have done some great work. I've got to hand it to the developers here. They really fast tracked this for me, and we really got rid of a lot of the extraneous field when it comes to business information.

Paul Forrest:

So I'm going to put in my business, I'm going to put it in my tax ID, or if it's a sole prop, I'm going to put in my SSN number. I'm going to select the entity type, okay? Now this does match up to the form, so these are the different entity types. Let's just say that I'm a sole prop. Now, I don't know that this is necessary for the program, but it's something that you might need to have if you're establishing a new account relationship with this business. My business established date. I do need an email address and a phone number. The primary address of the business, I'm going to put that in here. We do have the option of a USPS address verification solution, so we'll make sure that it is a good mailing address.

Paul Forrest:

How long have I been at this location? Now it can ask for previous address, if you need that. So again, I'm going to scroll up and slowly go down here. I'll see if there's any questions on this business node. All right, so I'm scrolling down here. If there's any questions, just let me know. All right, whoop! [ Excellent. It looks like Brandon is quickly getting to those questions. I'm trying to see if there is anything here that I need to read online. Hard for me to do both of them, not great at the multitasking. So here's a question that I can answer pretty quickly. Daniel, this is really designed to be available for production. We can be live on this within the next couple of days depending on demand.

Paul Forrest:

So I am going to say if this is something that you have interest in and I've got this on a slide, but you want to get right on with your partner success manager and get this in process to go, this is designed to be replicated and something we can spin up very quickly. Everything is in production as of today. Just like on most installs of application portal, they can take a picture of the back of their driver's license. That is going to get all of the primary owner information right from their DL. I will put in my SSN, date of birth, first name, last name, address information, all parses that over. I probably should've clarified this, this package for a one low introductory cost, we are going to provide you with an instance of application portal.

Paul Forrest:

So if you don't use application portal, we are going to spin this up for you really quick an application that's going to look identical to this. If you don't use our business module, we're going to turn on the business module just to support this program. So we do want to make this, as I mentioned, out of the box. If you don't have application portal right now, that is not a requirement to use this solution. If you don't support business loans inside of LoansPQ, so you've got another solution, you do it outside of or you don't do business loans. We really want to be able to turn this on and make this available for everybody. So there's going to be a real low learning curve. Michelle, here's another question. We've really simplified this.

Paul Forrest:

The point of this application is to go through and take the application, be able to present the applicant with a list, a checklist of items and to be able to eSign the agreement. Again, if I stopped talking so much, I would get to that point and you'll see how easy this is. So now I'm going to stop looking at the questions and try to run right through here. [inaudible 00:14:02] Okay, I'm self employed. Whoop! Once you're here, years of employment, 15. Beneficial owner status, we do support all beneficial owner status. But you will see coming up, we have re-purposed some of the beneficial owner to list out any individuals with greater than 20% ownership. Now, this is part of the documentation and it's part of what you need to submit to the SBA.

Paul Forrest:

So I'm going to come here and add in somebody with 25% potentially, so yes. Title is going to be owner, and this is going to be Sue Smith. Nope. You got to follow directions. Down here. Put in the 1600 Sunflower. I'll add one more just to show you the addendum. So let's say somebody else owns 25%. Do you have control? They are an additional owner. This is David.  Here I'm just gathering all of the additional owners of the business that own more than 20% as required and getting their information down here. Whoop! I'm going to continue. So hopefully you can see this has been a really quick mobile-friendly application, two quick hits. Here it gets a little bit longer, but this is due to the restrictions or requirements of the SBA.

Paul Forrest:

So now I'm going to come down here and review, and I am getting some feedback. Hopefully you do see that we have, and this goes to other business applications, been able to hide a lot of the ancillary fields when it comes to this. Okay? So I'm coming through here, here's all my information I'm reviewing, I'm reviewing. Now, I've got user defined fields. These map directly over to the SBA form, okay? I have created an instant decline rule, so I believe if they answer yes to number one and number two, or yes to number five and number six, hopefully I've got that right, I'll check on the form in a second, but this will instant decline the application and it will say that they are not eligible. So again, I'm going to let everyone slowly read this so I don't make anyone motion sick.

Paul Forrest:

Again, these questions map directly over from the SBA form. Okay? AP Kelly, that is just our name of application portal. That is the online point of sale application that we're going over right now. I should have clarified that. This is the application portal. Yes, Courtney, we will have this with your logo and we do have the ability to change the colors a little bit here for you. So this will be skinned, this will look like it is application by your financial institution. Okay? Here's all the questions. Scrolling down slowly, these are all required because these do map directly over to the form. Also, as I mentioned, there's four questions. If they answer yes to them, we instant decline the application. Yes, Laura, this'll all be pre-built for you. We want this to be rapid.

Paul Forrest:

I mean we're talking day or days depending on demand. I mean that's a big caveat. There's over 380 people on the call right now. The time to market is going to really depend on how quickly you get in the queue. Okay? We will provide at least the SBA document because that's a standard document, that's the length of what we're going to provide for you. So I know I'm trying to answer a lot of these questions as we go. Hopefully Brandon, you're making these available to everyone so they can see the answers as you type them in. He's doing a great job answering these questions. All right, once we've answered all the user defined questions, all right? Then I'm going to come down here. Now, we have two different options when it comes to the disclosure.

Paul Forrest:

I have talked to a couple of financial institutions about this and this comes down to a preference. So we will give you the option of going option A, option B. Option A is non-intrusive and easy, "By selecting this box, you certify in good faith to all statements on the PPP certification document." Again, this is part of the application and we just want to make sure that they hit this and they can verify that they have read, and all of these are true because this is required by law. So this is option number one, I call this non-intrusive. Okay? There's a check box, there's a link to this form that we've made up for you. Matt, there's a lot of questions asking time to market. Now, we've really done this so we can spin this up in 48 hours, best case scenario.

Paul Forrest:

Again, worst case scenario, all 380 plus people sign up today, then that's something we're going to have to prioritize and see how quick we can replicate and get this out. A little bit hard to make promises without knowing the demand. But like I said, the idea here is because it's a new instance of AP, it will be separate. If you're currently using application, this will be completely separate from your existing business loan application and we'll go in and configure everything for you. Okay? I'm going to come through here, and I'm going to certify. This is option one, let's call it the easy option. Option two, there's a lot more here, but if you're a financial institution really wants to make sure that this individual has read this and checks off on each box certifying that each one of these is true, we can do this.

Paul Forrest:

So we built in each one of these options and I will note that part of the eSign event, they have to initial each one of these gain, making sure that it is accurate. Okay, okay. Okay. Now there's a question Cheryl has. Applicant must have business relationship. Now, one option that I thought of there is, again, you can nest the link behind your OLB. So I have left out a little bit up to the financial institution to say where you want to link this and who has access. I know there's a couple others. There's one other site that launched on Friday. It's a big bank whose name I won't mention, the evil empire, and the only way you can apply is you have to log into home banking to get to their application. They do not have an app that is open to general public. Now, that's a business decision up to you, how you would want to install that. Okay?

Paul Forrest:

Hopefully everyone's on the same page. We've gone through, we've done a very simple application, we've answered these user defined fields, we've checked off on these disclosures, and now we're going to agree to terms and conditions to continue processing this application. Now, as long as the only parameters I put in the system is that they answered the four questions, no. If they answered them yes, they're going to get a different result here and it's going to say that they are ineligible for the SBA PPP loan program and we will be able to put our contact number if you choose for them to contact you or you could just choose not to follow up with the application. That's a little bit up to you and your business decisions. So right here, this has been qualified or prequalified for a $250,000 loan.

Paul Forrest:

The rate as of the last time I checked is 1% fixed, 24 month loan. Okay. That's step one of the process. A very simple, easy to market PPP application form, and I'm taking a little bit longer than I anticipated. I told everybody I would be done in like 15 minutes because this is so simple, but I do want to make sure I answer questions and get everyone's participation. So step two of this is now to come into the lender facing portal, and now you'll have easy access. So you'll set up a specific queue that's going to have all of these PPP loans right here in them. I'm going to come here and I'm going to click on Paul's Killer Bees. That is going to open up this application for me. Okay.

Paul Forrest:

Now, I know the SBA, you'd need to reach out and contact the business, verify a couple things. So I'm not going to go through that 100%, but I'm coming through here. Jamie, even if you're not on the newest application portal, we will create an application portal instance. So everybody's going to get the same application experience regardless of what current platform you're using to take your online applications. You might be on version one, you might be on version two, you might have a separate instance of application portal. The idea here is this is going to be fully separate and it's going to be spun up very quick, okay? In here, the thing I want to make sure we go through, this is the application, and you can see here I can go through, but really the expectation is I'm going to come here to my letter and documents section.

Paul Forrest:

I've got two documents available because we've mapped this correctly, and I'm going to come through here and I am going to select my two documents. Now, before I start this, there's one other ... I think there's probably two other polls that I'd like to go through. Here it is. Especially in today's environment, this has to be done all remote. So all of the individuals in the audience right now, are you currently using DocuSign? So is this something you're using? Again, I'm just going to hold this up here just for a second until we get about half the audience to get an idea. Great. I've got 61% of applicants, and it looks like we do have 90% usage of DocuSign. Now for the percentage that don't use it, we do have an available option where you can be under the MeridianLink contract.

Paul Forrest:

We want to make sure that you can get these eSign, so even if you're not a DocuSign client, we can get you signed up to use DocuSign just for this. Now good question, Alison. This just uses the LoansPQ doc engine. So if you are set up to do any other eSign vendor, IMM, Synergy eSign or eSignLive, this will work with anything. There's no restriction. If you use OneSpan, Curtis, that's fine. I should have been a little bit more clear. So as long as you have an eSign vendor, this form is set up with everything that you need to go. I'm going to put my access code there. I used my wrong email address. I knew I was going to do that. I'm going to go ahead and send this over. I don't know that everybody needs to necessarily see what the eSign process is like, but I do want to use this as an opportunity to go over the document options.

Paul Forrest:

So this is probably the best way to do it. Okay, so I've eSigned this, and again, this can work through any eSign vendor that you're working. This happens to be DocuSign. I'm going to open the DocuSign event, I'm going to put in the access code that we would have provided, or you can send this with no authorization. That's up to you, how you choose to present this to your applicant. Docusign is going to come up. Boom! Continue. This is the form. Okay, so right here, sole proprietorship, Paul's Killer Bees. Sp let me make this a little bit bigger just so everyone can view and follow along. Whoop! Okay, so here's the legal business name, business address, here is my business 10 or SSN phone number. Primary contact is going to be the primary applicant. Here's my email address. Average monthly payroll, the loan request amount as done by that math.

Brandon:

Hey, Paul. You're going to want to go ahead and close that poll. It's still open.

Paul Forrest:

Oh, thank you so much because I forgot all about that. I apologize. Let me go back. So I did receive my DocuSign envelope. I have opened up my DocuSign envelope, I've agreed to eSign and now I am going through the document via eSign. Hopefully everyone's on the same page. I apologize. I usually don't forget that. Okay, right now you should be looking at the document that's provided for you for the SBA loan program. Top here is sole proprietorship, right here is the legal name, business address. Most of this is fairly explanatory. I won't spend a whole lot of time reviewing each field, but you can see everything mapped over. We've even got this mapping to all of the purposes that they select. So if you remember, there's two different sections.

Paul Forrest:

There's a primary and secondary, it will complete here. The form is made for two business owners, two owners that own more than 20%. The separate sheet we have created, I'll show you that in a second. Here's all of the user defined fields that were answered in the application process. I have to confirm response here on a couple of these. So right here, I've got to initial question five, I've got to initial question six. Now again, I've got all of these at test stations saying that I certify these are true, and I do need to initial for each one of these statements. So I'm just going to come through and just initial on each one of these lines, and then I'm able sign this application.

Paul Forrest:

Yap, as I scroll down, this is all standard language that's included on the document. Standard language. On the very bottom, here is any additional owners. If my math is correct, we've accommodated three additional owners. We have to track anyone with over 20% owner. There should be no more than five. So hopefully that math is all correct. Whoop! Again, real simple process to get those signed. Again, once that's signed, and let me just quickly get this done. For any of you that use eSigning in this solution right now, you know how this works. As soon as that's completed through your eSign vendor, you're going to get an alert right here saying that this is done, and you're going to get the copy of those documents right back here in the solution completely signed.

Paul Forrest:

Now I have created a task list based on best practice recommendations out there for each entity type and for each purpose. So right here, based on this sole proprietorship and based on using it for payroll, here are the one, two, three, four, five, six, seven, eight items that need to be completed. All right? This crates right here. These are all set up as stipulations. So the solution will, and hopefully, this has come through by now. Sorry about that, just checking in here. I'm getting a lot of emails. I apologize. So right here, it's going to automatically send an email to the applicant listing out those items. Here, it is right here. So I'm looking on the wrong spot. So right here, I have designed this, and again this would be inside of LoansPQ.

Paul Forrest:

So of course, we're going to set this template up like this, but if you choose to change the verbiage a little bit, you'll have control over this. So this is a checklist of necessary items to complete your SBA PPP loan application. "Dear Marisol Testcase, thanks for your interest in." I'm not going to read this all out for you. Here's a little bit of information on the applicant. This is their primary loan purpose, and based on, again, best practice recommendations, and I'm going to show you the setup in a second because you would be able to vary this if your individual financial institution has different needs, but this is designed to present this applicant with a list, a checklist of documents.

Paul Forrest:

So right here, based on the purpose and entity type, we're asking for four different form 941s each with different periods, a payroll ledger, a IRS form 1040 Schedule C, an updated business license and documentation showing total health insurance premiums. Again, you'll be able to manage this list to your own business needs, but right here the big thing is I've got the ability of clicking right here. There's a call to action right in that automated email. I'm going to be able to come in here, select the document type that I am uploading. If I'm on a mobile phone or tablet, I can use the camera embedded right in that device. A lot of these are businesses, they're going to be on a desktop like myself.

Paul Forrest:

I am able to come in here, select my IRS form 941, send documentation, boom! That is going to automatically send that into the solution. Let me just refresh. I'm going to get an alert saying a new document has been uploaded, very remote doc upload. So just like before, I'm going to get the alert here, and then when I come to my letter and document page ... Whoop! Here's my IRS form 941. Again, this is going to be a great system [inaudible 00:33:49] as yes. So for my best search on the SBA, if the answer to one of those questions is yes, they are non-eligible, and this is just a sample form that I have. It probably is not a good form but ... Oh, Paul's Plumbing, that's unique.

Paul Forrest:

This is how you would get any of those documentation necessary. Once you get it, then I'm going to come onto my floating task list here, and I'm going to say, "Okay, I got that form. Close." You can keep track of any required documents. You know what you've received, you know what you're still waiting for. Whoop! Crosses that off, and close that. Any questions there? I'm going to take a look. Now, what I'm thinking about doing is, let's see if we've got any hands held high. I really wanted to make sure that we got out in 30 minutes, and I'm a little bit behind there. But two options we've got. I'm going to read out some questions, if you have anything specific that you want to hop on air.

Paul Forrest:

Now, the one thing that everybody's asking for and I'm not really in the best position to provide you with as of right now, and let me pull up my slide, because I think this is going to answer a lot of people's questions. Whoop! Wow, I just went through that way too quick. I apologize. Right here, so pricing. You want to get pricing, you want to find out what the queue is like, how quick can you get started, there's two options for you. Option one, contact your partner success manager. So get on with your PSM, tell them what your interest level is and they will get you in the queue, and we'll get you set up. Last poll, I promise. I'm about at the end here of what I intended on showing.

Paul Forrest:

So from what you've seen, would you like to learn more? Is this something that you think you're going with? This will help direct our partner success managers because, hey, if you're signed up, you're ready to go, or you want to find out more about it, boom, they can make your call. If you're still thinking, you need some additional information, again, you have two options, contact your PSM or send an email, and I'm going to show this screen in one second when this poll's done, I've got 40%. Okay, I'm going to wait. I hate to stretch out polls but I'd like to see 50% participation. We're 48, we're 49, so close. 50, good. I'm not going to wait any longer. Okay, so two options, contact partner success manager or send an email request to salessupport@meridianlink.com.

Paul Forrest:

Again, we know the urgency here. From what I know, this is kind of a limited time prospect. It started on Friday, so we really have to get these spun up ASAP. If this is something that you're thinking about doing two months from now, that may be too late unless they extend the program, add additional funding. So we want to make sure that we can rapidly deploy this, we want to make sure that we can start getting these out as soon as this week. Okay? I'm going to take a look at questions and just see if there's anything that would be helpful for me to go over that the audience sees. Okay. Wow, there's a lot of questions. I want to appreciate everyone's participation and being able to take a look at this.

Paul Forrest:

Anita, this is possible doing without AP. If you don't like the AP portion and just want the product Q and the task list, automatically. Where did the copy of the license go? The copy of the license, anything that gets updated ... Let me just take a look here. I think I closed my window because I was very anxious. But anything that is uploaded through that customer portal is going to come in here and you're going to have direct access within what we call the lender facing application. So even if you don't use the solution much, it's going to be right here. Yeah, I know I'm not showing anything just yet. I'm having to log in. All right. So right here in the application, we're going to come here.

Paul Forrest:

Anything that gets uploaded, business license, any of the necessary forms are going to be uploaded right in the application, right down here on letters and documents. So here's the form, here is the copy of the application that was DocuSigned. We can just simply download these and send this up to the SBA. That's the additional owner form. This, I'm sorry, is the complete application. Okay. Now, one of our PSM manager just came in and said we are getting a fair degree of interest. So I always hate to be that guy that says, "Act now," but we do want to make sure that we get on, and if this is something that you look like is of interest, please reach out right away to your PSM.

Paul Forrest:

We've got MeridianLink employees standing by and we want to be able to get this up as soon as possible and get you able to take advantage of the loan program to have a quick, easy method for your business customers to be able to come in, put through the application, and like I said, fill out the documentation. It gets you all the way to the point you're going to download the document and be able to upload that over to the SBA. So I know there's a lot of questions coming over. Normally, I was intending on stopping this a little bit quicker than this, but let's just take a look. I want everyone to have opportunity to get their questions heard. We currently don't have closing documents. We just have the application, Kathleen.

Paul Forrest:

If there's a closing document, that can be handled and you can do a doc request for any closing documents. That's the same thing Jennifer asked about the note. Currently on, Natalie, I don't have the ability of not pulling credit. We can put in a different credentials and maybe do a soft inquiry. But currently without doing some customization, it is dependent on a credit poll. I know it's not necessary for the underwriting, but that's just the way that it is currently set up. Okay. This structure, and I know that it's getting a lot of questions on this, but it is a very reasonable. Brandon, it looks like he's answered a couple of those, so hopefully he's gotten to that. Closing documents note, credit.

Paul Forrest:

Okay. Paul, I just saw a question by you but we are getting them really quick. So let me go back and try to answer that. We do have a funding page. Everything inside of LoansPQ is going to work just like any other LoansPQ document works. So the funding pages, additional documents that you may need. So if you already have a closing note that is suitable for this loan program, that's going to work. If you need a different document, that's going to take a document request to get the closing note. We're making the guarantees to get this. Everything we've shown you up very quick, very efficiently. Anything in ancillary like additional documents are going to go through the standard process. Okay?

Paul Forrest:

We definitely will put all these questions. Now, before I make that claim, let me take a look at how many questions there are. There's a lot of questions. It's going to take us a little while. We should be able to get these posted up. We are recording this so there will be a copy of the recording available for your review. Last thing to go over in closing here, because I told everyone I'd get you out before an hour, but the last thing to go over. There will be a brief survey at the end of this webinar. I'm sure you guys are used to that. It really helps us configure how to set up these webinars, what you guys like, what you don't like, did we talk too slow? Did we talk too much? Do you want additional documentation? So there is a survey.

Paul Forrest:

So to provide you with a better webinar experience, if you can help us out and spend three minutes and just answer a couple of questions, lets us know how we're doing, lets us know what the demand level, make sure that we have resources necessary in order to take care of everyone that's there. All right, Brandon, you want to come in and you might have something here in closing. Hold on, let me just bring in Brandon.

Brandon:

Hey everyone.

Great. Thank you, Brandon. I'm going to look through here and check out if there's any other questions. Whoop! Okay, there's some questions here about training and implementation. Again, the thought here with these quick deploy programs, and MeridianLink's really looking at doing this with a couple other items. Watch for upcoming webinars potentially on quick express account options. But the idea here is that we are going to handle the setup for you, we're going to be able to go in there and get the configuration so it mimics what you've seen here. So this is WYSIWYG, what you see is what you get. We're going to be able to go through here, create these custom questions.

Paul Forrest:

There will be an option as to do you want to just show a disclosure page, do you want the individual disclosures? But really to be able to do this in a rapid deploy fashion, the idea here is to make this quickly replicatable and to make it not a multi-week or multi-month project. This is going to be very quick. We're going to spin up a version. If you're not on AP, we're going to get you up on AP. If you're existing AP client, we're going to get you a new instance. Because this application is so customized to this SBA loan program, it will be a new instance of the SBA application. Whoop! Excellent. So I think we have a lot of questions here to follow up, and they're still coming in.

Paul Forrest:

What version of MeridianLink do we need to be on? Matt, I will double check for you, but I don't know that there's any version control that's necessary. Now before I make that definitive statement, let me work with the developers to see if there is any dependency on an update that's gone on. But this uses just standard MeridianLink business loan module. There's really nothing that we've customized in the LoansPQ side. All of the customization has happened on the application portal side. So most of the work went into the customer experience and what they're going to see as they come in to put in the application. So let me just bring that up one last time. So you'd have the direct application.

Paul Forrest:

This is where most of the work went through. It's just right here making sure that application process is quick and efficient. All right, to keep up with my promise and to give you guys a little bit of your day back, I'm going to wrap up. It looks like we do have a bunch of questions. We're going to post on the MeridianLink Community forum a link to the recording, and we are going to really quickly try to throw any of these questions along with answers on a document and make those available right there in the community forum. As I mentioned, not to put the pressure or the hard sell on you, but we really do want you to reach out.

Paul Forrest:

This is a time sensitive project. Reach out to your PSM. If you don't have a PSM, go ahead and send an email and I'll pull up the email one more time for you. I'm going to try to pull up the email one more time for you. I always hate it when people do this. But right here, salessupport@meridianandlink.com. All right? I appreciate everyone's time. Hopefully we're all being safe and staying away from other people. Like I mentioned, we're going to post this up. You should see it up today. Hopefully we can get on this, and get you taking these applications as soon as possible. Thanks everyone for participating. Have a great day.

 

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Topics: Loan Origination Software, loan origination system, webinar, SBA PPP

Written by Paul Forrest

VP of Sales Engineering, MeridianLink

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