Truliant FCU Adopts Built to Streamline Their Loan Management & Inspection Processes

After experiencing the many challenges of using manual methods to manage construction loans and inspections, Truliant Federal Credit Union decided to pursue a digital solution. Since adopting Built, they have seen increased operational efficiency, greater transparency for all stakeholders, faster turn times, and a vastly improved customer experience.

Built’s digital solution has helped Truliant cut down on the amount of time spent on managing their construction portfolio through streamlined workflows and increased operational efficiencies. Loan data and documentation is now easily accessible to everyone involved and inspection turn times have been reduced to two days or less—resulting in a better customer experience and improved satisfaction.

Built really helps to eliminate the human error component–it’s light years ahead of manually calculating a draw sheet. Implementation has been great, and we’ve had no issues at all with the system and how it works. It’s just a much better delivery for everyone.

Beth Eller | Truliant Federal Credit Union Vice President, Mortgage Lending

Results

Built’s digital solution has helped Truliant reduce the time spent on managing their construction portfolio through streamlined workflows and increased operational efficiencies. Loan data and documentation is now easily accessible to everyone involved, and inspection turn times have been reduced to two days or less—resulting in a better customer experience and improved satisfaction.

Challenge

Before adopting Built, Truliant FCU was using a completely manual process to manage its construction loans. A single employee was responsible for managing the entire construction portfolio, maintaining draws on a spreadsheet, and, in many cases, traveling to the job site to conduct inspections.

This process was incredibly labor-intensive, time-consuming, and pulled resources away from other lines of business. Because everything was recorded manually using spreadsheets and paper documentation, there was very little transparency between the lender, builder, and borrower, leaving the door wide open for risk, miscommunication, and human error. With a steadily growing portfolio of construction loans and increased demand, Truliant’s manual processes and lack of resources began holding them back.

Solution

Truliant FCU takes pride in the honest, personalized lending experience they provide to their members to help them achieve their dreams. They needed a sustainable and scalable digital solution to maintain their customer-first philosophy, while remaining competitive with the larger national banks. Following adoption of Built, Truliant FCU has seen notable improvements in their loan management and inspection processes, including:

Increased visibility and transparency

  • Every party involved on a project has access to the same data, documentation, inspection information, draw requests, and more. Key stakeholders know exactly what is happening at every step of the process.
  • Questions and issues are able to be addressed immediately, saving time and preventing unnecessary work from being done.
  • Truliant’s MLOs have the ability to view the project at any phase and quickly address borrower concerns.
  • Internal audits are streamlined due to easily accessible loan data and documentation.

Truliant Director of Mortgage Operations Cindy Pearson shares the benefits of increased visibility that come from using Built, “I like the transparency for all parties involved. It’s a huge lift for the borrower, the builder, and the lender to all see the same data and all be on the same page. It makes everything so much easier.”

Streamlined inspections with Built’s Inspection Services

  • Truliant can now quickly order inspections from an automatically curated list of properly vetted local inspectors. They no longer have to compete for an appraiser’s attention to order an inspection and no longer need to conduct inspections themselves, saving them valuable time and resources. “The process of ordering inspections could not be easier.”
  • The ability to instantly upload inspection images, easily manage invoices, and quickly communicate has resulted in faster turn times and increased customer satisfaction.

Streamlined workflows

  • Loan setup and management are less time-consuming due to boosted operational efficiency, centralized data, and automated processes.
  • Truliant FCU is seeing accelerated draw turn times, resulting in faster disbursement of funds, allowing customers to get the job done faster than ever before.

Seamless integration with existing software

  • Built’s integration into Encompass has allowed Truliant to fully realize their initiative of building out systems that all seamlessly integrate with each other, modernizing the way they do business.

We would absolutely recommend Built. For us, it has been the sum of all the parts: efficiency, speed, and ease of use. We feel like this is a superior product.

Beth Eller | Truliant Federal Credit Union Vice President of Mortgage Lending
INDUSTRY

Consumer

LOCATION

Winston-Salem, NC

BUILT SERVICES USED