Adopting the Latest Technology Can Advance Your Company in These and Other Ways
Lenders deal with so many regulations and rules that they are often understandably shy to embrace new technologies. They do not want to increase risk and as a result, their workflow is often unnecessarily slow or disorganized. At ECL Software, we have found the best way to help lenders advance their technology while also mitigating risk.
Boost Your Visibility and Improve Your Risk Management
When you use fund control software to keep real-time status of your loans, you are significantly mitigating risk. This type of software can also help boost visibility for all involved parties. Think of the extra data entry required for outdated technologies, and how much potential for error there is when everything must be entered numerous times.
On the other hand, programs like JDIO allow you to just enter it once. In fact, the name “JDIO” is an acronym for “just do it once.” This now only lowers the cost of having your staff update records, but it improves risk management at the same time.
Get Instant Alerts When They’re Needed
It can feel that there are two options when it comes to being up to date: either getting constant alerts when any status changes on any loan, or getting no alerts and having to check them manually on a regular basis. At ECL Software we have created the middle ground. You can customize our software to get alerts when any loans aren’t progressing as they should, or when just one loan isn’t. You can set up alerts that actually work for you.
Improve Communication
If there’s one thing that’s been made very clear in the time of COVID, it is that it is essential for people within a company to communicate with each other even when they are not in the same physical space. With ECL Software, you can allow access to information based on role. This allows someone with a certain job title to access all documents that have been approved for their job title. If they leave their role, you will not have to re-grant permissions to the new person, as you can give them blanket access to documents approved for their role.
Process Simplification
We do not need to tell you how complex the construction loan process is. While other lenders are generally mostly done with their transactions after the closing, for a construction lender, that is when the work is essentially beginning. Our fund control software makes the draw process much easier and lets you disburse funds more simply and quickly than before.
Do you have questions about how our software works? Then we invite you to contact ECL Software at 800-625-5972 to request a free demo.
Recent Comments