We’ve seen Millennials emerge as a home-buying force in the past year, quickly becoming the largest demographic purchasing homes. This comes after years of worry that debt and economic concerns would keep them from moving out and buying houses.
The housing market environment is transitioning to a phase we haven’t seen in years. As home sale prices reach record highs and rates continue to rise, lenders are looking for new ways to create revenue outside of traditional refinancing.
The housing market has hit a little lull. It was inevitable. July marked the 77th consecutive month of median home price growth (that’s more than 6 years), so we’ve known that prices would eventually hit a ceiling.
We kicked off the year with a list of the top trends and predictions slated to hit the nation’s housing and construction industries throughout 2018. Driven substantially by a strong economy, increased housing demands, and a lack of inventory, this year was expected to see exponential growth within both the housing and construction industries.
Topics: Construction Lending
Nashville, TN, McMinnville, TN – July 31, 2018 – First National Bank of Middle Tennessee (FNBMT) has a new construction lending experience after implementing Built Technologies for loan administration. Built is a national company, also headquartered in Tennessee, that provides a digital platform that simplifies loan management for banks and borrowers.
As a technology company, we love to create software solutions to solve everyday problems. It’s in our DNA and arguably the reason many of us come to work every day. That means we’re always hard at work building features to make life easier for our clients and partners.
The top 1% rated portfolio lender leads with commitment to quality and borrower experience through technology.
The traditional construction loan administration process requires loan administrators to manually gather portfolio data from various spreadsheets and paper files when assembling reports. Without digitization, this highly manual and inefficient process can cost credit departments days, or in some cases weeks, of valuable time, and as a result, many financial institutions only review comprehensive portfolio data when deemed completely necessary.