Mitigate Risk with Construction Loan Automation
According to this survey published by American Bankers Association, 46% of respondents cited staffing and 42% cited regulatory and compliance costs as the top drivers of expenses in construction lending. We get it, working to comply with regulations can increase costs. More man powers equals higher costs. One way top Financial Institutions are combatting this growing cost is by automating some of their processes and making sure their reporting is all in one place.
How FIs are getting this done
How are they accomplishing this? With loan automation solutions like Construct. With real-time reporting and alerts, officers know right away when there is an issue needing attention, they don’t have to wait for an email. Detailed audit trails makes reporting easy. The better informed a financial institution is, the better protected they are. Plus, those at-risk loan alerts saves bankers money in the long run.
Auditors love it
Auditors love the custom reporting features. Being able to pull data at any time, anywhere, really makes a difference when looking at compliance. Custom reporting makes it easy for your institution to build exactly what you need, nothing more and nothing less, every time. The 24/7 access really helps stakeholders to complete jobs faster. Instead of waiting to get back to the office to type up notes, inspectors can enter details and photos into the system on site. Setting up alerts means you can get an alert the moment job details are entered so you can take the next steps immediately, rather than waiting on a UPS package or an email with attachments to come through.
Our construction lending automation software is helping over 130 banks effortlessly prepare for audits while mitigating risk. Time stamps and detailed information from all parties puts management at ease. Details can be stored on this cloud based software and easily referenced later.