Contract Simply likes to share a few of the most current and interesting job opportunities for construction loan administration. These listings focus on construction administrative services, loan disbursement process, and construction administrator duties.
The phone rings. It’s your accountant telling you that your bank overpaid a construction draw by almost $50,000 and the bank had no record of this payment on the amortization schedule. What do you do with this money? That is precisely the decision a Doctor had to make with two months left until completion on the renovation of a recently purchased medical building for her new branch. Let’s break it down to see how a manual construction loan process can lead to errors like this and why it needs to be a relic of the past.
One of the hottest trends right now is machine learning in banking. The eye-opening implications technological advances like machine learning have on construction loan administration and process automation are now reaching the surface. Many of us experience the outcomes of machine learning every day. For example, Netflix and Amazon use algorithms to give us a movie or shopping recommendation based on our prior behaviors. CitiBank utilizes machine learning to evaluate “big data” to prevent fraud and monitor potential threats to customers. Even the United States Postal Service performs character recognition of handwritten characters using an algorithm and a computer vision system behind it.
Not only does he greet us every time we pull out a C-note, but Benjamin Franklin is also credited with the famous adage, ‘time is money.’ Old Ben was onto something. Time is, after all, one of our most valuable resources. When it comes to profitability, it often helps to do things as best and fast as possible. Construction loan administration is no exception.
Topics: Construction Loan Administration