Q&A: 5 Lessons from a Top PPP Loan Buyer and Servicer


National and community banks have played a big role in supporting small businesses through PPP lending. It’s time to liberate lenders and get back to banking. Like most lenders, you may be less than prepared to handle the complicated and detailed PPP forgiveness process. You may also be eager to realize your loan income early, which is possible when you decide to reduce risk and sell your PPP loans.

One way to accomplish this is by selling your PPP portfolio to a non-bank partner that exclusively services PPP loans, such as ACAP + The Loan Source—partners in PPP loan buying and servicing. Luke LaHaie, Founder, CIO and President of ACAP discusses the top lessons his PPP loan buying and servicing team has learned throughout the program.

How do lenders immediately benefit by selling their PPP portfolio and outsourcing servicing?

LaHaie: There are a few short-term benefits, including realizing your PPP loan income early and eliminating future risk. There are also long-term benefits, such as ongoing service through forgiveness for your PPP borrowers—meaning you can get back to what you do best. We’ve gained valuable insight and experience by adapting to PPP early, so we’re well-equipped to give your borrowers the support they need.

How does a PPP loan servicing partner make PPP easy and seamless?

LaHaie: Most banks do not have the technology or staff in place to effectively service PPP. Borrowers also have a lot of questions along the way, which can take time and resources. A PPP loan servicing partner is better prepared, with all the tools and talent in place to get the job done simply.

What are the long-term benefits for banks outsourcing PPP?

LaHaie: Banks who sell their PPP portfolios and outsource PPP servicing provide their borrowers with improved access to PPP financing and forgiveness. In turn, this allows lenders to focus on what they do best, while still capitalizing on PPP profits/potential. Look for a PPP partner who also is leveraging experience to help drive equal access to program fairness.

PPP in 2021: What has changed that lenders should know?

LaHaie: The SBA’s program is currently set to expire on March 31, leaving eligible borrowers little time to take advantage of PPP. Lenders, however, can sell their PPP portfolios to a PPP service provider beyond this date, providing borrowers with better customer support, tools, and guidance when applying for forgiveness.

What is ACAP + The Loan Source’s PPP loan buying and servicing experience?

LaHaie: We created ACAP exclusively to service PPP loans. Our goal was to provide borrowers and the lenders who finance their futures better PPP servicing solutions. Together with The Loan Source, our team has supported over 45,000 separate PPP borrowers through loan servicing in-house.

“The ACAP portal is one of the best services available for PPP loans. This partnership provides our customers and others in our community with a more streamlined approach to PPP 2.0 application and forgiveness process. It also allows us to expand our reach to more non-WSFS customers, including those in underserved communities who struggled to gain access to PPP funds in the first round. Together with ACAP and The Loan Source, we are confident that our customers and others in our community will be best served and we will achieve extraordinary results.”

— Rebecca Acevedo, Director of Corporate Communications, WSFS Bank

Sell your PPP portfolio and keep your banking customers
Helping PPP borrowers achieve forgiveness is a huge undertaking. Without an SBA department, banks can struggle and fall behind on the demands of servicing PPP loans. With ACAP and The Loan Source providing transparent, customer care while exclusively servicing the PPP loans, it is possible to close in a week and receive real support when you need it most—right now.

Stay in control, save time and start providing better service. Begin the loan transfer process and protect your PPP customers at https://acapgp.com/sell-ppp-loans/

ACAP is a banking partner providing complete PPP loan servicing solutions. They are committed to helping banks reduce future risk and accelerate loan income, by providing white-glove PPP loan forgiveness, servicing and robust customer support. Your PPP loan customers remain your customers; now better protected when you partner with ACAP.