The passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act in the U.S. has prompted thousands to seek relief from financial uncertainties driven by the global pandemic. To date, two rounds of funding totaling $659 billion have been made available as part of the Paycheck Protection Program (PPP) in support of the Small Business Administration COVID-19 relief efforts.
The CARES Act also authorizes lenders to provide mortgage relief options in the form of forbearance for up to 360 days and refinancing to homeowners looking to mitigate their COVID-19 risk. According to financial data firm Black Knight, as of April 24, 2020, nearly 3.5 million mortgages are now in forbearance, amounting to about 6.5% of all American home loans.
As the number of applicants seeking relief grows at an extraordinary rate, lenders are struggling to keep up. Overwhelmed with collecting and validating documents, determining eligibility criteria, and processing requests, lenders face backlogged applications and their customers experience slow response times.
Blue Prism, in partnership with ABBYY, Bizagi, and Lateetud automates the entire end-to-end mortgage and loan relief application and submission process, resulting in:
Register today to see how rapid automation can help you streamline loan applications and forgiveness.