AUTOMATING THE LOAN FORGIVENESS PROCESS AND REDUCING THE NEED FOR MANUAL REVIEW
Recent regulatory changes have affected the timing and process for loan forgiveness applications.
Lenders will be receiving Loan Forgiveness applications over the next two years, and volumes will fluctuate from time to time. The introduction of the 3508EZ form adds complexity for lender processing and creates a greater need to guide borrowers through the complicated application process. Digital solutions and automation can help lenders meet and overcome these new challenges.
Benefits for banks and lenders
- Automatically process applications over the next 2 years, to avoid overloading employees while managing risk
- Deliver simple and intuitive user experience to guide borrowers through a complicated application process
- Flexibility to quickly and easily incorporate updates to ensure compliance with latest regulatory changes
Advantages with EXL
- Deep domain expertise in commercial banking including supporting PPP loan originations across multiple lenders
- Proven payroll audit platform used for millions of workers’ compensation audits, has been customized to support the PPP forgiveness process
- Segmented approach combining automated solutions with manual operations to optimize processing of simple and complex loan applications
EXL’s End-to-End Support for SBA PPP Loan Forgiveness
Built with modular components, our solution automates the forgiveness process and reduces the need for manual review. Leveraging years of experience in payroll audit, we have designed a digital experience with automated document ingestion and variance analysis, leaving only a subset of applications for manual review. Our operations team will review these applications and sent it to the lender to approve and complete the good faith review.
This solution delivers the rigor and accuracy while optimizing lender effort and cost, simplifying the process into four steps:
For more information about EXL’s PPP Forgiveness program or other banking services, please email us at firstname.lastname@example.org