Revolutionizing Construction Loan Disbursements with Automated Title Updates

In the construction industry, timely and efficient loan disbursements are crucial for project success. Recognizing this need, ECL Software, a leader in construction loan management solutions, has integrated its platform with AFX Research, a renowned provider of real estate title research services. This integration marks a significant milestone in automating title updates, thereby expediting the draw disbursement process for lenders and borrowers.

Accelerating the Disbursement Process

Traditionally, requesting and processing title updates has been a bottleneck in the loan disbursement process, often taking over five business days. ECL Software has tackled this challenge head-on by integrating AFX Research’s title update services directly into its platform. This move reduces the turnaround time for title updates to just 0.74 business days, a remarkable improvement that ensures faster and more efficient loan disbursements.

Joseph Patterson, Chief Software Architect at ECL Software, highlights the importance of this integration: “By automating title updates, our clients can now significantly reduce time and streamline workflows when disbursing construction funds as well as requesting payments.”

Benefits of Automated Title Updates

  1. Efficiency and Speed: Automation eliminates manual tasks, reducing the potential for errors and speeding up the entire process. This efficiency translates into quicker payments and smoother transactions.
  2. Seamless Integration: The integration allows clients to order and receive title update reports directly within the ECL Software platform, enhancing user experience and streamlining operations.
  3. Risk Reduction: Following best practices for disbursing construction funds involves requesting title updates on every draw request. This integration ensures compliance with these best practices, mitigating associated risks.

David Mitchell, President at AFX Research, underscores the benefits: “By leveraging automation, we can empower lenders and borrowers to experience a faster, more efficient closing process.”

Enhancing Workflow Efficiency

The integration between ECL Software and AFX Research goes beyond just speeding up the title update process. It also enhances overall workflow efficiency by improving communication and data entry between various stakeholders, including lenders, owners, construction disbursing organizations, borrowers, and contractors. This streamlined approach minimizes delays and ensures that projects can proceed without unnecessary interruptions.

A Commitment to Innovation

ECL Software has a long-standing reputation for innovation in the construction industry. Founded in 1992, the company has consistently provided solutions that emphasize quality, flexibility, and ease of use. The integration with AFX Research is the latest example of ECL Software‘s commitment to pushing the boundaries of what a fully comprehensive enterprise system can deliver.

With over 35 years of construction and software expertise, ECL Software continues to lead the industry by developing risk mitigation solutions that address the unique challenges of construction loan management. The partnership with AFX Research reinforces ECL Software‘s dedication to providing cutting-edge solutions that enhance efficiency and reliability for its clients.

The integration of automated title updates within the ECL Software platform is a game-changer for the construction lending industry. By significantly reducing the time required for title updates and improving overall workflow efficiency, ECL Software and AFX Research are setting new standards for excellence in construction loan management.