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Wolters Kluwer Compliance Solutions has announced that its Paycheck Protection Program (PPP) Supported by TSoftPlus solution, designed to help banks, credit unions, and other lenders support small businesses with payroll funding during the COVID-19 crisis, has so far assisted in PPP loan approvals supporting approximately 500,000 jobs across the U.S. The company will continue to provide its industry-recognized client support for the just-announced second round of PPP funding.
To date, Wolters Kluwer data shows that in working with lenders during the first round of funding, the company helped small businesses in all 50 states obtain PPP funds. Notably, 80 percent of the loans it processed were for small businesses with 20 or fewer employees. The state with the highest loan volume was California.
New users are able to access the solution with no upfront costs and can be processing loans within hours after signing up to meet the urgent needs of small businesses in their local communities. In fact, applications that were entered and queued in TSoftPlus after the program’s initial funding ran out can be easily submitted by the solution as soon as the Small Business Administration (SBA) starts to accept applications again.
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Angel Oak Home Loans, a retail mortgage lender, opened its fourth Texas branch, located in the city of El Paso. The new office will be led by Branch Manager Jason Trujillo.
"This branch opening furthers our mission by extending our ability to provide superior mortgage services nationwide,” said Brian McCary, Regional Sales Manager for Texas. “The Angel Oak mission is driven by a dedication to quality products and services that are inclusive and accessible to all potential homebuyers. We aim to cater to individual needs while implementing the technology and forward-thinking that set us apart from our competitors.”
As housing affordability continues to be a prevalent issue across the country, the El Paso area represents an optimistic outlier. According to data, 89% of homes for sale in this metro are affordable on the national median income. This market trend earned El Paso recognition as the nation’s most affordable housing market of the year in 2019.
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Consolidated Analytics, Inc., a provider of end-to-end mortgage solutions, announced the launch of loanDNA. Powered by mortgage artificial intelligence (AI), loanDNA enables efficient and highly accurate cash flow projections for individual and bulk mortgage assets, which will improve due diligence and servicing workflow strategy and enhance transaction pricing decisions.
loanDNA’s base-AI engine, AiCurio, leverages massive quantities of historical and current loan, property, and market data from public and private sources – and neural networks— to develop AI algorithms that can accurately project actual cash flows, defaults, and prepayments. It also automates the analysis and prioritization of loss mitigation workout strategies, which is often a tedious, time-consuming, and manual process.
