MBA data shows demand for newly constructed homes jumps 19%
2021 has brought something good – more mortgage applications for newly constructed homes. The Mortgage Bankers Association Builder Application Survey data shows that mortgage applications for newly constructed homes jumped 19% compared to last January. This demand is going to increase the demand for mortgage loans as well as help spur new development. All of this is great for the construction lending industry. More construction loans means more fee income, but it also means more work for lenders.
To help gain efficiency and handle the upcoming demand, many banks are looking for digital solutions to streamline their lending process. Our construction loan automation solution eliminates spreadsheets and cut days off processing time. What does this mean? An 8-12% increase in draw interest, not to mention days saved. Cutting your processing time means your staff can handle more loans without getting overwhelmed.
With the increased demand for newly constructed housing comes an increased demand for construction loan administration. Construct can help you manage this demand.