The new round of funding for PPP is here and demand is predicted to be extremely high. Within the coming weeks, applications will be pouring in from businesses requesting second draw loans, first draw loans, and forgiveness. The funds are expected to deplete quickly, increasing the need to accelerate application processing.
Efficiency is key to surviving this influx. Banks that have not yet automated their originations and forgiveness applications are in for a costly, time-consuming struggle. The right partner can save you from this and Numerated is here to help.
We have run the calculations to determine just how much you could save by using the Numerated platform. The results demonstrate the significant impact a data-driven platform has in delivering an automated, intuitive, borrower application experience.
When done manually, the average application consumes approximately 12 hours of a lender’s time to complete the application, review, and closing stages. Numerated’s platform reduces this to just 1.5 hours per loan, increasing efficiency 88%.
Available funds are expected to last just 4 weeks. Using these figures and the number of origination and forgiveness applications from the previous funding round, we have calculated the potential time savings that a streamlined, automated experience can provide for variously-sized financial institutions.
|# of Applications||Manual Hours
These numbers are conservative, based on the prior rounds of origination that did not have the complexity of this latest legislation. With 75% of lenders planning to support all loan types in the new legislation (new first-draw loans, increases of prior first-draw loans, and second-draw loans), we expect the new complexity will require more time from lenders pursuing a traditional lending strategy without technology. To understand more about the complexities coming, view our webinar Breaking Down the New $284B PPP Legislation.
Leveraging a platform that provides an optimal customer experience, including using data to drive pre-fill and ease of use, is critical to handling the imminent influx of applications. Learn more about how Numerated has enhanced its platform to empower you to satisfy the requirements of the new legislation and meet customer demand.