REDONDO BEACH, Calif.--(BUSINESS WIRE)--ECL Software, a leading provider of construction loan management solutions, today announced a strategic integration with AFX Research, a prominent provider of real estate title research services. This integration automates title updates within the ECL Software platform, significantly accelerating the draw disbursement process for lenders and borrowers, as well as providing close-out validations for their Construction Contractors.
Streamlined Workflows, Faster Closings
“We are excited to partner with AFX Research to deliver this innovative solution,” said Joseph Patterson, Chief Software Architect at ECL Software. “By automating title updates, our clients can now significantly reduce time and streamline workflows when disbursing construction funds as well as requesting payments.”
Best Practices Made Efficient
The best practice for disbursing construction funds is to request a title update on every draw request to mitigate risk. Traditionally, outsourcing these requests can take over five business days for an update. ECL’s integration with AFX Research allows clients to order and receive title update reports directly within the ECL platform (FundControl and CMIS). This nationwide flat-fee service boasts an average turnaround time of just 0.74 business days.
Key Benefits of the Integration
- Faster Payments: Automating title updates eliminates manual tasks and potential delays, leading to a smoother and more efficient payment process.
- Improved Efficiency: The combined power of ECL Software and AFX Research circumvents the need for manual data entry and streamlines communication between lenders, owners, construction disbursing organizations, borrowers, and contractors.
“This integration represents a significant step forward for ECL’s clients in the construction lending industry,” said David Mitchell, President at AFX Research. “By leveraging automation, we can empower lenders and borrowers to experience a faster, more efficient closing process.”
About ECL Software
Eclectus, Inc. (dba ECL Software) develops award-winning risk mitigation solutions for all aspects of the construction industry. Founded in 1992 and incorporated in 1994, ECL has a proven track record of providing solutions with a “Just Do It Once” approach. ECL’s Contracting and Banking solutions are recognized for their quality, flexibility, and ease of use. With over 35 years of construction and software expertise, the founder has pushed the envelope on what a fully comprehensive enterprise system can deliver. https://www.eclsoftware.com/
About AFX Research
Since 1995, AFX Research has been a leading provider of nationwide title research, boasting the most robust, reliable network of on-the-ground researchers in the USA. As a leader in title research automation, AFX serves top lenders, major loan management solutions, environmental firms, insurance companies, investors, and government agencies. AFX has provided real estate title reports for an estimated combined property assessment value of over $250 billion and has been featured in Forbes Magazine, the Wall Street Journal, and various real estate industry publications. https://www.afxllc.com/
