High-Volume Loan Amendment Services
As the LIBOR phase-out deadlines in 2021 and 2023 approach, the race is on to update financial contracts that reference this index. Millions of loan agreements and other financial contracts that reference LIBOR need to be amended to update fallback language and establish a new interest rate.
With an estimated $200 trillion of financial contracts referencing USD LIBOR, these amendments need to be done quickly and done right—which is no easy feat. Luckily, Michael Best’s High-Volume Documentation team does both.
The sheer number of contracts that need review and amendment is daunting for many financial institutions. To help banks process LIBOR amendments in large numbers, Michael Best developed an efficient process that combines decades of human experience with a proprietary software platform.
Using the platform’s advanced AI and analysis tools, we can quickly identify and inventory relevant contracts and language. Our High-Volume Documentation team then reviews the identified contracts and drafts necessary amendments. Contract intake and amendment execution can be customized to fit each client’s unique requirements.
Michael Best’s technology-enhanced review process saves time and money—and we pass that along to our clients. Pricing is based on an affordable flat fee per loan file.
Michael Best’s experience is the other essential ingredient in our process. We provide high-volume documentation services to national, regional, and community bank clients throughout the United States. We’ve handled a variety of large-scale, short-term loan documentation projects brought on by a statutory or regulatory change, a bank merger, or an unusually high transaction volume.
Most recently, in 2020 Michael Best created a program to help our clients quickly process critical Paycheck Protection Program relief loans. We formed a scalable team and deployed a technology-based process to create and deliver fully executed loan documents to our clients within 24 hours of receiving a loan request—at volumes of up to 1,000 files per day.
The scalable structure of our team, the intake and support process we’ve built over many years, and our experience with urgent high-volume requests allow us to respond quickly to these projects and integrate them seamlessly within our established workflows. Project size can range from under 100 to 20,000 documents or more.
 According to the Alternative Reference Rates Committee convened by the Federal Reserve Board and the New York Fed.