Final answer:
The statement is true; a memo can be programmed to automatically apply changes to a loan record after submission and approval, enhancing efficiency and consistency in loan management processes.
Step-by-step explanation:
True or False: A Memo can be configured to auto apply a specified set of changes to a loan record when submitted and approved. This statement is generally true. In the context of loan management systems, a memo can refer to an automated workflow or a digital process that applies predefined changes to a loan record. Once a memo is set up with specific rules or changes to be made, and it goes through the correct approval process, it can make updates to a loan record automatically. This automation helps in ensuring consistency, reducing manual errors, and improving efficiency in the management of loans.