Imagine how much time you could save by eliminating back-and-forth document transfers. Picture a world where you don’t have to organize documents for each draw, or manually compare spreadsheets to... Read More
Construction Lender Efficiency Tip #8 – Spend Time Resolving Discrepancies, Not Finding Them
To increase loan servicing quality and mitigate risk, it’s important to ensure individual line items satisfy loan covenants, don’t overdraw, and have supporting invoices or documentation. Unfortunately, manually reviewing line items takes a lot of time and is susceptible to human error. On the bright side, as you’ve learned from all these steps, modern-day loan administration tools can automate these tasks for you. Instead of going line by line, today’s loan management software can automatically flag items that require the reviewer’s attention. This saves hours of time as the software automatically detects inconsistencies or errors in the data. As a result, you spend less time searching for errors and more time actually fixing them. Ultimately you increase loan quality while decreasing the time it takes to fund a draw.