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Message
re: Hancock Whitney Customers - PPP funding
Posted on 4/22/20 at 12:08 pm to shawnlsu
Posted on 4/22/20 at 12:08 pm to shawnlsu
Thanks for the info Shawnlsu. I esigned the same day as you but around 10 that morning. Just checked and still no funds so hopefully get them later today or tomorrow. I guess technically even if recieve them Friday, payroll run that same day, albeit before the PPP funds were recieved, would probably still count as I doubt they are going to look beyond the date recieved.
0
Posted on 4/22/20 at 1:44 pm to Magiklaw
HW underwriter here, 4800 loans were processed in the first round, of all sizes. While that may not be a lot for a large bank, it was overwhelming for a system and staff of a bank of much smaller size. New systems have been implemented and the greater volume is now possible. We have been working non-stop to process apps to have them ready for when SBA gives the green light, with a high priority focus on the ones that slipped through in the first round. But know, there are 60 other banks using the same automated system that have all been doing the same queuing up. It's very safe to make the assumption that the eTran system will crash.
This post was edited on 4/22/20 at 1:47 pm
Posted on 4/22/20 at 6:34 pm to Magiklaw
Cannot confirm, but looks like the 8 week period begins on the day it was approved by the SBA.
Posted on 4/22/20 at 6:45 pm to tigernnola
quote:
Cannot confirm, but looks like the 8 week period begins on the day it was approved by the SBA.
From what I was told by my cpa it begins the day the funds hit your account.
Posted on 4/22/20 at 6:49 pm to Magiklaw
I signed my closing docs this past Monday afternoon and funds were in my account the next day, yesterday morning. You should be getting them any minute now.
Posted on 4/22/20 at 7:33 pm to tgrbaitn08
It has been 4 1/2 business days and still nothing. Did you guys get any type of confirmation after esigning? I don’t think I did. I am starting g to wonder if my docs we’re signed properly. Seems like I should be able to find this out.
Posted on 4/22/20 at 7:43 pm to Magiklaw
I got the funding email after bank hours and before my banker was notified.
It will come when you least expect it.
It will come when you least expect it.
Posted on 4/22/20 at 7:44 pm to Magiklaw
quote:
Did you guys get any type of confirmation after esigning?
Yes. DocuSign automatically sent me a confirmation email that my documents had been signed and submitted.
Posted on 4/22/20 at 8:06 pm to tgrbaitn08
We are waiting (less patiently every day) on Hancock to tell us something that makes sense. We were told we would get 2 emails one requesting documents that we should not send since we have already submitted all documents through local branch. Second would be docusign I am guessing.
Our loan has been numerated if that means anything.
Is this similar to anyone else’s experience with HW? Seems like they are still scrambling
Our loan has been numerated if that means anything.
Is this similar to anyone else’s experience with HW? Seems like they are still scrambling
Posted on 4/22/20 at 8:08 pm to DzNtz
I can’t speak to HW as I went through a different bank but Shawn can probably answer your questions dealing with HW
Good luck
Good luck
Posted on 4/22/20 at 8:39 pm to DzNtz
Is it a HW # or a SBA #? There's a big difference.
A HW # only means you have made it through their underwriting and are "in the ETran queue"
Once processed through ETran, you will get a SBA loan #. This is the only # that matters. Once you get this, you should be funded (I have seen no evidence otherwise)
A HW # only means you have made it through their underwriting and are "in the ETran queue"
Once processed through ETran, you will get a SBA loan #. This is the only # that matters. Once you get this, you should be funded (I have seen no evidence otherwise)
This post was edited on 4/22/20 at 8:40 pm
Posted on 4/22/20 at 8:49 pm to shawnlsu
It appears to be HW number. They seem to be using numerated as their loan processing Program or something like that.
Pretty sure our loan officer got swamped and didn’t get ours submitted in a timely manner. Fingers crossed. Thanks for info
When does the second round of funding get approved for distribution?
Pretty sure our loan officer got swamped and didn’t get ours submitted in a timely manner. Fingers crossed. Thanks for info
When does the second round of funding get approved for distribution?
Posted on 4/22/20 at 9:21 pm to DzNtz
So my HW Loan # was 640
My SBA loan # was 2*********
The talk is the House SHOULD vote to approve tomorrow, but they are evil, so we will have to wait and see.
My SBA loan # was 2*********
The talk is the House SHOULD vote to approve tomorrow, but they are evil, so we will have to wait and see.
This post was edited on 4/22/20 at 9:22 pm
Posted on 4/23/20 at 6:37 am to shawnlsu
Checked this morning and funding showing in my available balance!
Praying for all the rest who did not make it through on the first round. It looks like it is pretty much a foregone conclusion that it will be approved by House. With HW increasing their submission capacity, hopefully they will get all of the customers who they preapproved and have waiting in queu through now. I do know they are currently telling customers who did not submit on first round that they are no longer taking applications. While they are taking a little heat for this, I think it is only fair that they concentrate their efforts on making sure their customers who submitted with the first round get their applications funded.
Praying for all the rest who did not make it through on the first round. It looks like it is pretty much a foregone conclusion that it will be approved by House. With HW increasing their submission capacity, hopefully they will get all of the customers who they preapproved and have waiting in queu through now. I do know they are currently telling customers who did not submit on first round that they are no longer taking applications. While they are taking a little heat for this, I think it is only fair that they concentrate their efforts on making sure their customers who submitted with the first round get their applications funded.
Posted on 4/23/20 at 7:48 am to DzNtz
Numerated is the platform being used to process the PPP loans. Not sure if your banker has given you an app#, but this is different from the SBA number that would be assigned once given the green light from SBA.
Posted on 4/23/20 at 7:51 am to Magiklaw
6000+ apps waiting in the queue. Primary focus on the ones that were in that did not make the first round. New apps are on hold until we can successfully get the ones in process done.
Posted on 4/23/20 at 7:56 am to DzNtz
quote:
Is this similar to anyone else’s experience with HW? Seems like they are still scrambling
The first time around I did not get that email from HW, I did get that same email yesterday with a document called PPP Talking Points. So maybe they are making progress. I still have that application in and I have one at Iberia. Debating if I will pull the HW application as my HW banker said "Sorry the PPP is like the gold rush, and there are no guarantees". Not very reassuring after turning in my application 20 days ago.
Posted on 4/23/20 at 8:01 am to nolabnkr
quote:
nolabnkr
Another thing that makes me nervous about the HW situation is that they ticked off a lot of bigger customers in my city so they will do whatever they can to salvage those bigger account relationships and then the smaller guys get queue to the back of the line. Is there a concern with that?
My banker said that each account would need to be sent in individually and by hand. Is that true?
Posted on 4/23/20 at 8:17 am to Statestreet
The apps will be pushed through to eTran electronically, starting from the oldest apps in the queue. We have several people that will be pushing these through systematically and in order. App 7000 will not go before app 5000 and so forth.
Posted on 4/23/20 at 9:03 am to nolabnkr
thanks for the insight
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