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ISGN Corporation has announced the release of its next-generation construction loan servicing system, LoanMomentum, a comprehensive software system developed specifically for servicing residential and commercial construction loans. It offers a better way to manage the ever-changing data inherent in construction lending, drives maximum efficiency and creates borrower-level insight. A single system that manages construction loan portfolios, LoanMomentum is a streamlined, automated and configurable system, enabling lenders to increase volume without adding to overhead costs.
LoanMomentum simplifies tasks so staff can be more productive. It eliminates redundant and time-consuming data entry with interfaces such as Origination, Lock Box Payment, Check/Wire/ACH and Core Servicing. LoanMomentum also expedites the property inspection process by electronically transmitting all field transactions, including photos, between inspectors and the bank’s platform, which results in faster turn times and reporting. Furthermore, LoanMomentum’s Borrower Portal gives borrowers online access to their loan information, including transaction history, billing history, sources of funds detail and loan budget status. Borrowers can initiate requests for the update of contact information, loan draws, progress inspections, budget change orders and new loan/new starts online, anytime—even on a mobile device.
“U.S. home construction increased 4.4 percent during the final month of 2014, with the annual total the strongest in nearly a decade,” said Paul Imura, CMO and senior executive of ISGN. “This resurgence in new home construction is an ideal opportunity for lenders to either enter the market or increase their existing portfolio, but to capitalize on these tailwinds, lenders must keep pace with increased demand while reducing overhead and maintaining compliance.”