Key Takeaways
- IDP automates data entry.
- IDP cuts costs, speeds approvals, boosts accuracy.
- IDP streamlines processes for all stakeholders.
- Land Gorilla IDP empowers lending teams.
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How Intelligent Document Processing Is a Game-Changer for Construction Lenders
Intelligent Document Processing (IDP), a tool from Land Gorilla for use in managing construction loans, automates the extraction and validation of data from documents, significantly reducing manual data entry for construction lenders. It helps slash processing costs, accelerate draw approvals, and improve data accuracy — making it a critical tool for scaling lending operations.
Every construction lender knows the pain of manual data entry. You’re constantly juggling piles of documents — budgets, draw requests, invoices, and inspection reports. Processing these documents is time-consuming, prone to errors, and creates major bottlenecks. This manual grind hinders productivity and prevents you from focusing on what truly matters: the high-value tasks that really drive value to your clients and your portfolio.
But what if you could say goodbye to all those redundant, manual tasks?
IDP is the essential technology that’s transforming construction lending operations. It uses automation to convert your documents into structured, usable data—streamlining workflows and accelerating your processes.
What Is Intelligent Document Processing (IDP)?
IDP is much more than just a simple scanner. While traditional Optical Character Recognition (OCR) can extract text, IDP goes a step further by understanding the context and meaning within your documents. It accurately extracts information from various document formats, including handwritten, scanned, and digital files and then applies this data where necessary in your loan files and workflows.
The IDP Workflow
- Extract: IDP securely extracts data from documents, whether they’re invoices, budgets, or draw requests.
- Organize: The extracted data is then organized, making it usable and ready for your workflows.
- Validate: The system performs thorough validations to verify the accuracy of the extracted and organized information.
This validated data can then be seamlessly integrated into your existing systems, eliminating the need for manual data entry.
The Powerful Benefits for Construction Lenders
IDP is designed to address the unique challenges of construction loan management. By implementing IDP, you can unlock powerful benefits that directly impact your bottom line and your team’s efficiency.
- Slash Costs & Boost Productivity: IDP dramatically reduces the time and manual labor required to process documents, leading to significant cost savings. This frees up your team to focus on higher-value activities.
- Accelerate Draws & Share Data Faster: Automated processing leads to quicker draw payouts and allows you to share data faster with all stakeholders.
- Improve Accuracy: By automating data extraction and validation, IDP helps reduce the errors that are common with manual data entry, ensuring greater accuracy in your loan data.
Efficiency Gains for Everyone Involved
The benefits of IDP extend beyond just your internal team. It streamlines processes for everyone in the construction lending ecosystem.
- Loan Administrators: Get hours of time back each week by using IDP to streamline their daily document-related tasks (like processing handwritten budgets and draw requests).
- Borrowers & Builders: The process is simplified for them too! IDP for our borrower and builder portal, OneSite, makes submitting draw requests fast and easy.
The Land Gorilla Advantage
Land Gorilla’s Intelligent Document Processing is a powerful component of our comprehensive Construction Loan Software platform. It’s integrated throughout the platform, powering core functions like faster invoice processing and automatic budget population from uploaded files.
With IDP from Land Gorilla, you can:
- Automate Data Extraction: Say goodbye to tedious, error-prone tasks and eliminate manual data entry.
- Streamline Workflows: Accelerate critical processes like draw management.
- Empower Your Team: Free up resources to focus on building stronger relationships with borrowers and growing your business.
Learn more about how we’re automating document processing and helping lenders thrive by visiting Intelligent Document Processing.
Frequently Asked Questions about IDP for Lenders
Q: What is the primary benefit of IDP for a construction lender?
A: IDP helps construction lenders automate many of the repetitive and manual tasks involved in draw administration, such as budget data entry and invoice sorting.
Q: Can IDP handle handwritten documents?
A: Yes. IDP accurately extracts data from various formats, including handwritten PDF documents.
Q: What types of documents can IDP process? A: Land Gorilla’s IDP can process a wide range of documents common in construction lending, including draw requests, lien waivers, AIA forms, budgets, change orders, and more.
