Product development
CLS provides a complete set of development and administrative services, enabling lenders to develop and support complete construction lending offerings. We have a wide array of construction lending products that are customizable to meet your needs. We can create private labeled construction state specific documents that will allow your institution to enter the market quickly and efficiently.

Pre-Closing/ Front End Services

• Product development
• Construction Closing Documents

Pre Processing

We will input or upload your loan application into our LOS software system, deliver construction disclosures to you and your borrower, and make initial contact with your borrower.

Processing

Our experienced staff will ensure the proper documentation was gathered at the origination of the loan. We will organize your loan file, review and verify all applicable documents and submit file to the underwriting department. We will clear conditions as the appropriate documentation is received.

Underwriting

Our expert underwriting staff will underwrite your construction loans to your specific guidelines and requirements. They will ensure the appraisal meets your standards and run applicable fraud/compliance checks. They will issue an approval letter and request additional information as needed. Once file has been underwritten, you will be notified of decision and recommendation for approval by lender.

Closing and Funding

The closing of a construction loan is more complex and requires the coordination and review with underwriting of the calculated amount to be disbursed at time of closing, based on requests for work in place, requested loan amounts, construction holdback amounts, etc.

We will coordinate the date/time for closing with the settlement agent. We will prepare and send the complete construction closing package to settlement and submit funding request to you so that you can wire the appropriate amount of funds to the closing on desired closing date.

Post Closing/Back End Services

Lien Waivers

(optional service additional charges will apply)
Obtaining state specific lien waivers on every project can be a frustrating and time consuming process. However, you can streamline this process by selecting our Lien Waiver Collection service. We will collect, track, and review each subcontractor’s state specific lien waiver prior to disbursement of funds. Lien waiver collection is another way we can mitigate your risk through validating that sub-contractors and suppliers have been paid in full.

Billing, Remittance, Reporting and Reconciliations

(optional service additional charges may apply)
The monthly or periodic billing of all construction loans is performed through the use of our TCL construction portfolio management system. This allows the monitoring and review of all billings, receivables, payments processed and outstanding loan payment balances. For the processing of payments, this can be directly processed in our system or handled through a lockbox feature. In addition, we offer the capability of monitoring all related fees and charges at a loan level for our clients, with 24/7 access. Reporting on the portfolio throughout the construction process will help identify those developing problems that need to be addressed on a timely basis.

Rollover to Permanent

(optional service additional charges may apply)
This entails the final review of all gathered documents and setup of the loan for regular monthly principal, interest, and escrow loan payments. This will be communicated to borrower and lender and include preparation of all loan documents for transfer to portfolio or readying the loan documentation and file for the lender’s sale to investors.

Modifications

(optional service additional charges may apply)
Depending on the client’s construction loan program, the modification process may encompass the modification of the construction project term and remaining loan amortization period and/or the modification of the interest rate if a “floatdown” interest option is offered by the Lender.

Statutory Compliance/Mechanics' Lien

Statutory Compliance is an extremely complicated set of laws because it varies from state to state across the nation. The CLS team has 20 years of experience with the intricacies of these laws and provides you with the most current information on mechanics' lien law nationwide. We understand the statutory compliance documentation that is required in each state in order to manage your risk and ensure your projects are built clear of mechanics' liens.

Nationwide Inspection Audit Service

CLS will review your inspectors to ensure compliance with your polices and procedures.