Though investing in a new technology solution may seem like an added expense and administrative burden up-front, lenders stand to lose much more in both time and resources by choosing to make do with legacy systems and workflows. Legacy software solutions not only negatively impact administrative capacity, but they also put financial institutions at risk time and again in the form of data entry errors.
Lending FinTech Company Expands Executive Team with Seasoned Product and Technology Development Expert.
At Built, we take pride in the onboarding and implementation of each new client -- working with our clients to truly get to know the ins and outs of their workflows and tailoring our implementation process to meet their needs. We place a great deal of focus on making things as simple and pain free as possible for everyone who uses our platform, which is why we were honored when we delighted a client to the extent that they wanted to join our team. This was exactly the case with Natalie Myrick, our recently appointed director of mortgage solutions, who came on board last fall from Umpqua Bank. In this quick interview conversation, Natalie shares a little bit of her story and what she’s looking forward to helping us create at Built.
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.
The Digital Lending + Investing Conference, hosted by SourceMedia, brings together the brightest minds in lending, loan investing and fintech to discuss what's next in the consumer finance industry.
Built's President and Co-Founder, Chase Gilbert, was featured in FinXTech Lending on how Fintech Can Improve the Customer Experience in Construction Lending.
We're excited to announce that Built Technologies was just named a finalist for the 2017 Best of FinXTech Awards! The Awards recognize partnerships between financial institutions and fintech firms, and finalists were selected by a judging committee of FinXTech advisors. The FinXTech Awards will be announced on April 26, 2017 during the FinXTech Annual Summit at the Nasdaq MarketSite.
If you're involved in construction lending, you already know the process functions almost the same today as it did 30 years ago. From the largest financial institutions in the world to the smallest local community banks, the origination and management of construction loans currently requires heavy loan administration staffing, duplicative data entry, complex and inconsistent spreadsheets, phone calls, emails, and even faxes. This antiquated nature of managing construction loans creates information disparity between key stakeholders and usually results in all participants operating in the dark.
The principles of transparency, simplicity, speed, reduced risk, reduced cost, and enhanced user experience are being applied to all aspects of financial services