Five Ways COVID-19 is Affect the Construction Lending Industry Throughout the Country
It can feel like a disheartening time when nothing is the same and change is always negative. This is not necessarily true. While companies across the globe are being forced to find unique ways to preserve, new opportunities are arising. Check out these five ways COVID-19 is affecting the construction lending industry and how you can be a part of the forward momentum.
- Improved Portfolio Monitoring is Necessary There are increased chances of delays and going over budget, which is why lenders are using a variety of site observation programs to get their baseline so that they can get accurate portfolio monitoring. JDIO offers a unique way to keep everyone collaborating and allowing for real-time access to what is happening.
- Following Policies and Procedures Correctly is More Important Than Ever Before It is always important for lenders to follow the policies and procedures they are required to follow, but in these uncertain times it is even more important to ensure that the right risk controls are in place. All operating standards must be followed.
- Access to Real-Time Reporting is Important Using the right software is an essential part of reducing risk. If you have real-time access to risk reporting, you can better forecast and stress test your portfolio. This also allows you to more easily prepare for any potential loan modifications, forbearances, or extensions. The products from ECL Software can make this easier.
- Be Ready for Inspection Demand to Go Up with Resources are Limited There are certain aspects of the industry that are going to be harder to deal with than others. For example, the demand for inspections is going to go through the roof as inspection companies change their protocol. This can lead to delays in and of itself, which requires construction lenders to build in risk mitigation strategies for this specific issue.
- Steps Must Be Taken to Run Remote Operations with the Right Level of Oversight It is important for those at all levels of the industry to be able to communicate with one another with minimal contact. Luckily, there are many companies that make that a possibility, but only if everyone you’re working with is tech-savvy enough to get on board.
At ECL Software we know it can be a challenge to get everyone on the same page. This is one of the reasons we have created a suite of software programs that can help you get everyone on the same page. To learn more about our unique product, or to request a free demo, contact us at 800-625-5972 or firstname.lastname@example.org.