The new vendor category in Land Gorilla’s Marketplace is designed to streamline the request and procurement process of title services and allow construction lenders to directly connect to service providers that offer title solutions.
SAN LUIS OBISPO – September 4, 2019 – Land Gorilla, the #1 technology provider of construction loan management software, announced today the availability of its first title research vendor AFX, an industry leader in title and property research products. The availability of title related products through Land Gorilla’s Marketplace will allow lenders to further reduce the risk of mechanics liens that could affect lenders’ legal interest in the property.
The addition of AFX as a title research provider allows lenders to manually request the service with a few clicks in the Construction Loan Manager™ software platform or completely automate the service request for title updates with the use of Land Gorilla’s Automated Project Manager. The Title Update Report is requested and returned directly to the lender.
The time benefits of streamlining this process include:
- Reduction of additional vendor websites that require login
- Reduction of downloading, uploading and retyping loan information into various systems
- Reduction in invoice management and reconciliation
- Improved vendor response times and volume-based pricing
Monitoring title through title updates and endorsements is considered to be an industry best practice and designed to reduce the exposure of mechanics liens. Traditionally, the cumbersome process takes an average of 3-5 business days from payment application (draw request) to the lender logging receipt of a title product. This can significantly delay the disbursement process, resulting in slow payment to builders and delivering a poor experience that could result in reputational damage. Pain and friction around title monitoring have resulted in mixed practices ranging from inconsistent processes to not monitoring title altogether. Adding title services to Land Gorilla’s Marketplace is designed to allow construction lenders fast and reliable solutions to monitor title on construction loans.
“Ordering title updates through Land Gorilla’s Marketplace has been extremely helpful to our processes,” said Brian Walker, Loan Servicing Manager, Conventus. “The title order process is very organized, and the direct integration with the Construction Loan Manager provides for a quick turnaround time. On average it now takes under 8 hours to receive the title update and that provides us exactly what we need.”
“AFX is thrilled to partner with Land Gorilla by providing title updates within their Construction Loan Manager software,” said David Mitchell, President, AFX Research. “We’re proud to work with Land Gorilla and share their dedication to delivering the best customer experience for construction lenders. The title update process can cause significant delays in the loan process. However, with AFX’s ability to deliver over 80% of our title updates within one business day, construction lenders can further reduce draw processing times. This provides construction lenders with a tremendous competitive advantage in the market.”
“We are pleased to offer this new category of Title Service Providers to the Marketplace,” said Sean Faries, CEO, Land Gorilla. “It will increase draw process efficiency, minimize risk, and significantly decrease the payment timeframe for project stakeholders. The Construction Loan Manager is designed to automate and reduce risk to construction loan management while improving the customer experience. We look forward to more lenders taking advantage of these service providers and believe that the impact will benefit project stakeholders in ways they have never seen before.”
About Land Gorilla
Land Gorilla is the #1 financial technology provider of construction loan management software creating a fast, safe, and efficient loan process. Trusted by top lenders, Land Gorilla’s Construction Loan Manager™ drives loan profitability, improves digital workflow and provides a best in class client experience.
www.landgorilla.com
About AFX Research
AFX Research has been providing real estate title research nationwide to Banks, Government Agencies, Environmental Professionals, Insurance Companies, and Investors for more than 20 years. AFX has been featured in Forbes Magazine, The Wall Street Journal, and numerous real estate industry publications. We have also consulted with various Government agencies, such as the Securities and Exchange Commission, the US Postal Service, and the Small Business Administration. Since its inception in 1995, AFX has provided reports to various industries, with an estimated combined site assessment value of over $250 billion. These reports were used to provide due diligence for real estate purchases, construction loans, foreclosure assessments and Phase I Environmental Site Assessments.
www.afxllc.com