Three Reasons a Digital Loan Coworker Makes Sense
If you’re a lender, or work in IT for a lending institution, you’ve likely felt the ripple effects of the “New Normal” in very specific ways. Interest rates are at historic lows, but what does that really mean for mortgage demand? The Paycheck Protection Program (PPP) arrived like a hurricane—so what’s next? And after so much disruption, what should you be doing to support your employees?
Believe it or not, a digital loan coworker can help with each of these challenges. By integrating digital workers for loan processing into your operations, you can streamline tasks, scale capacity, and improve accuracy without adding unnecessary strain to your team.
1) How a Digital Loan Coworker Helps Manage Mortgage Volume
The Federal Home Loan Mortgage Corporation (Freddie Mac) recently reported record lows for mortgage rates, with the 30-year fixed rate mortgage (FRM) dropping 72 basis points in the past year to 3.03 percent. While the market’s long-term demand remains uncertain, these conditions are driving refinancing activity. Freddie Mac’s research shows that mortgage refinancing surged to nearly $400 billion in single-family first lien refinances—double the previous year’s volume.
Matching fluctuating demand to workforce size is difficult even in stable times. Hiring too many staff risks future layoffs, while hiring too few leaves your team overwhelmed. Remote work adds yet another layer of complexity.
Here, mortgage automation solutions and loan processing automation offer a clear advantage. A digital loan coworker can be added or removed based on volume, allowing you to scale quickly without the hiring and training costs. This approach also improves mortgage and loan scalability solutions, enabling you to handle spikes in mortgage refinance automation efficiently.
2) The Customer Service Example – PPP Loan Forgiveness
Think back to the chaos of the initial PPP application rush—the full lobbies, non-stop calls, and endless paperwork. While many lenders successfully helped businesses secure funding, the next phase could bring similar pressure: PPP loan forgiveness.
The SBA’s “borrower-friendly” application and streamlined “EZ” form aim to simplify the process, but businesses will still want their loans forgiven as soon as possible. This is where PPP loan forgiveness automation and Paycheck Protection Program forgiveness automation can transform service delivery. Wanting to make it easier for businesses to realize the full forgiveness of their PPP loans, in June the SBA issued a “borrower-friendly” PPP loan forgiveness application (find it here), as well as a three-page “EZ” application that certain borrowers under specific circumstances can use (find it here).
A digital loan coworker can read emails, collect and verify applications, perform data consistency checks, and route information into the next process step. This intelligent process automation for lenders means you can process forgiveness applications faster, provide better service, and avoid the bottlenecks experienced during the original PPP rollout.
It’s also the foundation for automating PPP loan forgiveness applications at scale—keeping your team focused on higher-value customer interactions.
3) The Free Up Your Employees Example – Across All Loan Types
Every lending operation has its share of repetitive tasks, from matching data between forms to re-keying information between systems. These manual processes are tedious, error-prone, and a drain on morale—especially in remote work environments where distractions are constant.
A digital loan coworker doesn’t tire of repetitive work. It runs 24/7 with minimal error rates, needs no refresher courses, and quickly bridges non-integrated systems or data silos. By replacing tedious manual processes with robotic process automation for banking, you can reduce loan processing errors with digital workers and reallocate staff to higher-value projects.
This isn’t about replacing employees—it’s about enabling them to focus on work that truly requires human expertise. The benefits of digital coworkers in financial services include improved accuracy, faster turnaround, and better employee satisfaction.
Prolifics Can Help
The “New Normal” demands relentless efficiency. You must be able to scale in a heartbeat, adapt to changing market conditions, and minimize costs. Prolifics offers digital workers for loan processing—like Archie, your own digital loan coworker—that deliver results quickly, accurately, and with minimal disruption.
Our expertise in banking and lending automation tools, automation tools for mortgage refinancing and PPP loans, and scalable loan processing for fluctuating mortgage demand ensures you can pivot seamlessly in either direction. Whether you need to know how a digital loan coworker improves mortgage processing or you’re exploring the best mortgage automation solutions in the New Normal, we have the answers.
Ready to see how to handle PPP loan forgiveness with automation or scaling loan operations quickly with digital workers? Visit Prolifics or email solutions@prolifics.com. Let us help you transform operations and position your lending business for long-term success.
