Enhancing Construction Loan Management with ECL Software’s Latest Integration
In the ever-evolving landscape of construction loan management, efficiency and speed are paramount. ECL Software, a frontrunner in providing construction loan management solutions, has once again raised the bar with its latest strategic integration with AFX Research, a notable provider of real estate title research services.
This groundbreaking integration promises to revolutionize the way construction loans are managed, offering unprecedented benefits to lenders, borrowers, and contractors alike. Contact ECL Software at 800-625-5972 for a free demo.
Streamlining Title Updates
The process of managing construction loans involves multiple steps, each crucial to ensuring smooth and timely disbursements. One critical step is updating titles with each draw request. Traditionally, this has been a time-consuming process, often taking over five business days. However, ECL Software‘s new integration with AFX Research changes the game by automating title updates directly within the ECL Software platform.
According to Joseph Patterson, Chief Software Architect at ECL Software, “By automating title updates, our clients can now significantly reduce time and streamline workflows when disbursing construction funds as well as requesting payments.” This integration not only speeds up the process but also minimizes the risk associated with manual errors.
Key Benefits of the Integration
- Faster Payments: Automation of title updates eliminates manual tasks and reduces delays, leading to a more efficient payment process. The average turnaround time for title update reports is now just 0.74 business days.
- Improved Efficiency: By integrating AFX Research’s services, ECL Software has streamlined communication and data entry between lenders, owners, construction disbursing organizations, borrowers, and contractors.
- Risk Mitigation: The best practice for disbursing construction funds is to request a title update on every draw request. This integration ensures that this best practice is followed efficiently, mitigating potential risks.
David Mitchell, President at AFX Research, emphasizes the significance of this integration: “By leveraging automation, we can empower lenders and borrowers to experience a faster, more efficient closing process.”
A Leap Forward for the Construction Industry
This integration is not just a technological advancement; it’s a significant step forward for the construction lending industry. With over 35 years of experience in construction and software, ECL Software continues to push the envelope on what a comprehensive enterprise system can deliver. The combined expertise of ECL Software and AFX Research ensures that clients receive top-notch, reliable service, enhancing their ability to manage construction loans effectively.
Incorporating this integration into their platform, ECL Software reaffirms its commitment to providing innovative solutions that meet the evolving needs of the construction industry. As the industry continues to grow and change, such advancements will play a crucial role in maintaining efficiency and reliability in construction loan management.
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