Q&A UFirst Credit Union: A Quicker Draw Turnaround Time
UFirst Credit Union (formerly University First Federal Credit Union) was swiftly expanding its construction lending portfolio, but its legacy system was slowing them down. They needed a modern solution that was budget conscious, flexible, and ensured a quicker draw turnaround time starting with their inspection process. With Built Technology and Services, they got all that and more.
Since partnering with Built in 2022, UFirst Credit Union’s Consumer and Commercial Loan Business has been able to streamline the challenging loan administration procedure while gaining real-time visibility into their construction portfolio. The improved builder-borrower experience delighted the team as well.
Rachelle Olsen, Loan Administration Manager for University First Federal Credit Union, discusses her experience using Built’s Inspection Technology and Services, and how she’s seen a positive momentum shift in draw turnaround time.
How did you select Built as your CLA platform?
We interacted with different system demos to identify our needs. After narrowing down the options, the committee selected the system that would ensure success in all aspects of our construction lending, including draws and audits.
Why did University First Federal Credit Union purchase Built Inspection Technology and Services?
Our construction portfolio was expanding rapidly, and we required a system to keep up with our growth. It needed to provide us with speed, accuracy, and reporting while consolidating all our activities in one place. It should also be user-friendly for the Credit Union and its members.
How has Inspections Tech & Services improved your draw management process?
It has provided us with an added layer of efficiency and ease. Snapshots are a big hit with builders and the Draw Team. Inspect Tech provides a quicker turn time on draws, reduces fees, and offers flexibility in the draw process.
What specific features of Built do you find the most beneficial?
Everything is at your fingertips! If you are a builder, borrower, or lender, your access to information is a click away. The Dashboard is brilliant. It offers a look at the entire project at a glance. It has proven to be instrumental in project management and training new builders. Having one landing page to demonstrate KPIs is hugely beneficial and helps to create a better understanding quickly. We finally have a strong foundation to build knowledge.
Would you recommend Built to others? If so, why?
Absolutely! The platform offers confidence. It’s essential for growth and ensures peace of mind that all projects are to the standards of the Credit Union and its regulators. We are confident we are offering the best experience we can to our builders and borrowers; while managing growth, risks, and producing successful builds in our community.
Ready to learn more?
For more information about getting started with Built’s Inspections Technology and Services, or how you can join our network of Verified Inspectors, please visit https://getbuilt.com/inspection-services/.
Table of Contents
- How did you select Built as your CLA platform?
- Why did University First Federal Credit Union purchase Built Inspection Technology and Services?
- How has Inspections Tech & Services improved your draw management process?
- What specific features of Built do you find the most beneficial?
- Would you recommend Built to others? If so, why?