Construct

Construct by BankLabs is a construction loan management software designed to streamline the lending process and optimize the borrower experience. This solution is tailored for community-oriented financial institutions, including small to medium-sized banks, credit unions, and construction lenders. According to the vendor, Construct offers a range of features and capabilities that cater to the needs of loan officers, construction project managers, and professionals in the banking and construction industries.

Key Features

Participate: According to the vendor, Construct provides a centralized platform to manage loan participations, digitize and share loan documents, automate workflow processes, and create a network of trading partners.

OREO: The vendor claims that Construct offers the world's first mobile, cloud-based platform for managing Other Real Estate Owned (OREO) properties. This feature allows users to oversee the complete lifecycle of OREO properties and provides quick access to carrying costs and property details.

Construct: The vendor states that Construct helps increase draw interest income, enhance the borrower experience, and mitigate risk in the construction lending process. It offers automated workflows, detailed reporting, and thorough audit trails for both residential and commercial construction projects.

+Pay: According to the vendor, +Pay seamlessly integrates with Construct to automate the payment stream between builders and subcontractors. This feature speeds up and simplifies transaction processing, generates additional fee income, and reduces risk.

Loan Origination: The vendor claims that Construct streamlines the loan origination process from application submission to approval. It enables users to capture borrower information and documentation electronically, automate credit checks and underwriting processes, and generate loan agreements and disclosures.

Loan Servicing: According to the vendor, Construct automates loan payment processing and tracking, generates amortization schedules and payment reminders, handles escrow and impound accounts, and manages borrower communications and notifications.

Risk Assessment: Construct offers features to evaluate borrower creditworthiness through credit scoring and risk models, monitor borrower financials and industry performance, assess collateral value, and manage collateral documentation to identify and manage potential default risks, as per the vendor.

Compliance Management: According to the vendor, Construct helps ensure compliance with regulatory requirements by generating reports and documentation for audits and examinations, tracking compliance deadlines, and managing regulatory changes. It also implements security measures to protect sensitive borrower information.

Reporting and Analytics: Construct enables users to generate comprehensive reports on loan portfolio performance, track key metrics such as delinquency rates and profitability, create customizable dashboards for data visualization, and utilize analytics tools for insights and decision-making support, according to the vendor.

Document Management: According to the vendor, Construct allows users to store and manage loan documents electronically, ensure document accuracy and completeness, enable secure access and sharing of documents, and automate document generation and version control.