One of the most common themes in any conversation with a lender is that they’re in a unique situation. Their state has special requirements up and down the line (MO, IL, WI raise your hands). They have a customized process that’s been refined over the years.
This is a fun theme to address because it hits on what I think makes the Built platform so powerful: It’s created with flexibility in mind so that we can meet the needs of any lender and our team is constantly releasing updates that make it even more valuable to our clients.
With that, our first Built Answers segment touches on the draw management process -- something we take pride in making pain free for anyone we work with.
Question: My state requires a Date Down Endorsement for draw requests and funding. How do I keep track of my title endorsements?
Question: I have to review lien waivers before any draw funds are released. Where do I keep track of these documents?
While at face value these two questions might appear unrelated, our team approaches the core of what they express as the same issue. Namely, the particulars of an individual state’s lending requirements can create additional paperwork for lenders (and builders) and people are looking for a way to make things easier.
Our core philosophy is simple: The age of spreadsheets and fax machines is over. Digital is here to stay.
We believe every document you handle during the construction loan process should be available digitally, on a single platform. Communication, alerts and requests for documents should be digital, on a single platform. Lien waivers, endorsements, titles, insurance documents, inspection records, you name it. All digital, in one place.
We’re committed to this philosophy and our newest feature release will make it a reality.
Newly released, lenders can request (from their title company) a title or date down endorsement search directly from the Built platform. The title company is automatically notified and able to send the document back to the lender, for review and lien release acceptance within Built.
This new feature will create a more transparent view of the request and approval steps from a compliance standpoint, a central system to complete the request, and a single system to review and store documents. And you can be assured this is a process we will enhance even further in the future for increased integration with the title companies.
Builders and/or borrowers are also able to attach lien waivers to draw request submissions for lender review in the existing platform. We are even working with a partner on an additional enhancement to allow for lien waiver requests directly from the Built solution. (More to come on this topic in the near future.)
Of course, lenders must still ensure work has been completed as expected before releasing funds. For that, Built offers the industry-leading platform for connecting lenders, builders and inspectors -- simple, secure and available on any device.
That’s it for this Built Answers. If you have a question for a future post, contact me and I’ll be sure to respond.