ECL Software, a provider of construction loan management solutions, announced a strategic integration with AFX Research, a provider of title research services.
This integration automates title updates within the ECL Software platform, accelerating the draw disbursement process for lenders and borrowers, as well as providing close-out validations for their construction contractors.
“We are excited to partner with AFX Research to deliver this innovative solution,” Joseph Patterson, chief software architect at ECL Software, said in a release. “By automating title updates, our clients can now significantly reduce time and streamline workflows when disbursing construction funds as well as requesting payments.”
The best practice for disbursing construction funds is to request a title update on every draw request to mitigate risk. Traditionally, outsourcing these requests can take over five business days for an update. ECL’s integration with AFX Research allows clients to order and receive title update reports directly within the ECL platform for an average turnaround time of just 0.74 business days, according to company leaders.
Key benefits of the integration include:
- Faster payments: Automating title updates eliminates manual tasks and potential delays, leading to a smoother and more efficient payment process.
- Improved efficiency: The combined power of ECL Software and AFX Research circumvents the need for manual data entry and streamlines communication between lenders, owners, construction disbursing organizations, borrowers, and contractors.
“This integration represents a significant step forward for ECL’s clients in the construction lending industry,” David Mitchell, president at AFX Research, said. “By leveraging automation, we can empower lenders and borrowers to experience a faster, more efficient closing process.”