Construction Management

Product Feature Guide

Table of Contents

Introduction

Training Video

Construction Management Items, Description & Functionality

Column Headers

Creating a New Construction Item

Search and Sort Construction Items

Editing Construction Item

Deleting a Construction Item

Activating the Construction Widget

 

Introduction

The Construction Management section enables the lender to manage the list of construction related items and the percentage of the overall effort that each item represents. It can be as detailed or broad as the lender requires. The percentage of complete items are used by lenders when determining eligibility for construction draws. The percentage complete information is generally provided by a real estate appraiser during an inspection when the client is ready to ask for a draw. The total of all the items combined must equal 100%. A warning will pop up if the total percentage complete is less than or greater than 100%. All entries in the list will populate the Construction Widget within the application so the user can easily manage the process.

Note: This section applies only if construction financing is offered.

Training Video

Location

1. Select the ‘Manager Portal’.
2. Click on ‘Construction’ in the sidebar on the left side of the screen.

Construction Management Items, Description & Functionality

Column Headers

Item - The name of the construction-related item. These are the key construction elements of a property that might be relevant when processing the application (e.g. countertops, excavation, etc.).

Percentage - The percentage of the overall construction effort that the item represents. The total of all items must equal 100%.

Creating a New Construction Item

To create a new Construction item in Construction Management:

1. Click on the green button with a plus in the middle (). 
2. Enter the Item name and percent in the fields. 
3. Click on the ‘Create Construction Default’ button. 

The new construction item will appear in the list.

Search and Sort Construction Items

Search bar - To search for construction items in the list, type the item name or percentage amount in the search bar.

Column List Headers - The columns can be sorted in ascending or descending order. To sort the item column and/or percentage column, click on the column headers. If the arrow to the right of the header name is pointing upwards, the list is sorted in ascending order. If the arrow is pointing downwards, the list is sorted in descending order.

Editing Construction Item

To edit the text in the ‘Item’ column or the values in the ‘Percentage’ column, click on the field you wish to modify and make the desired changes. Edits are automatically saved.
Note: As you edit the values in the Percentage column, an orange warning banner will appear at the top of the page if your values do not total up to 100%.

Deleting a Construction Item

 

To delete a Construction Item from the list in Construction Management, click on the inline ellipsis to the far right of the screen and click Delete. 

Activating the Construction Widget 

Once you have your construction items complete in the Construction Management section of the Manager Portal, you are ready to tie the functionality to your products.  

The next step is activating the Construction Module in any relevant products within your Product Management.   

To Activate the Construction Module for a product:

1. Navigate to the sidebar located on the left hand side of the screen. 
2. Select Products from the list.
3. Click on the inline ellipsis of the product you want to modify.
4. Select edit from the dropdown menu. This opens the product summary window.
   
   
5. Click on the checkbox to activate the construction module.

By doing this, anytime this product is selected in an application the construction widget will automatically appear in the dashboard of your application.

When the user selects a product with the Construction Module activated they will see the following pop up confirmation:

Select apply if this aligns with your needs. Once you apply the product, the construction widget will appear in the dashboard directly above the Net Worth Widget. 

The widget is comprised of three sections shown below:

1. Loan Details 
   
2. Schedule of Values
   
   This section contains the items and their respective percentages that you entered within the Construction Management section of the Manager Portal.  
3. Draw Schedule
   This widget allows lenders to manage any type of construction financing, such as construction mortgages for new builds or a purchase plus improvement type transaction.