Yes, in our digitally connected age, most of your borrowers will be technologically savvy and aware of the dangers online communications pose in potentially putting their personal information at risk. Some of your borrowers, however, still might not be aware of these risks and how to mitigate them, or might not be aware of which types of information should be considered sensitive. Whether they know it or not, can you guarantee your clients' security throughout the construction loan process?
As a lender, you cannot always control every aspect of communicating with your borrower, draw inspectors, and builders. You can, however, recommend how they contact you and each other, through a secure channel on a secured connection. With construction lending software -- a single platform connecting lender to borrower to builder to any other individuals involved in the process -- you can provide your borrowers a secure alternative to risky communication through other channels.
Not only does digital construction lending provide a safe communication channel for all parties involved in the loan process, it also corrals and documents the numerous back-and-forths involved in construction lending. What would normally entail messy piles of hastily jotted notes from phone conversations, voice messages, faxes, paper draw requests, invoices, and emails from all of your borrowers and their respective builders, inspectors, and title companies now sits neatly organized in digital form in one, secure place.
Although you cannot guarantee what your clients do with their personal information outside of your lender-borrower relationship, you can now provide them with a better way to communicate with you and the other parties involved in their construction loan: a single channel, always secure.