With financial companies quickly becoming tech companies (JPMorgan Chase is reported to have more programmers on staff than Google), many lenders are keenly aware that adopting the right technology solutions for their team is imperative to keep up with modern demands.
And the number of solutions required to keep pace with the competition has grown exponentially — not only including a LOS and core system, but also project management software, inspection tools, and now a construction finance solution. As the number of technology solutions in this space continues to grow, it can be a challenge to understand how they all fit together, both from a workflow perspective and on the technology side. After all, the last thing any manager wants are overlapping systems that create more stress, work, and duplicative processes for their team.
Question: Where does Built fit within our current technology stack? How does it interact with our core system and LOS? And how do I make sure I don’t give my team extra work if I implement a construction loan management tool?
The short answer is that Built fits right into the middle of your current technology setup and that you have the flexibility to use the Built platform in the way that best suits your needs, to increase efficiency and transparency for everyone involved.
The longer answer goes something like this: your team uses Built after a construction loan closes. Generally, information is passed from your LOS to your core servicing system. From there, Built has the ability to form a data connection with your core to pull in all the relevant information about a loan so that you can manage that loan through completion within the Built platform.
Depending on the level of connection you choose with your system, you can choose to only send data to Built, have Built send data back to your core, or even create real-time actions to trigger things like draw disbursements. (We’ve created an entire guide on construction loan software integrations.)
Lenders, borrowers, contractors, inspectors, and title companies all collaborate in one place for document management, draw requests and disbursements, and to share any other updates on the loan. In that way, Built can replace the offline document sharing and disparate communication channels that many lenders deal with. It becomes the centralized hub for construction loan management for every party involved.
And then, of course, when every project in your portfolio is managed in a single place, you have access to insights and analytics that weren’t possible before. To that end, Built is the platform for not only loan management but for high-level decision making about your loans.
If you have more questions about how Built might fit within your unique setup, we’re happy to talk. We love to ask questions to get a better understanding of what every lender is working with today. And you’ll leave with insight into the ways that loan management technology can be an asset within your current process.Topics: CONSTRUCTION FINANCE | CONSTRUCTION LENDING | DIGITAL DRAW MANAGEMENT | FINTECH | INTEGRATION | TECHNOLOGY