Overview of Construction Loans

Overview of Construction Loans

To process construction loans in Servicing Director, you must first set up the system for construction loans as follows:
  • Set up a company to allow construction loans.
  • Set up cost codes and cost code templates.
  • Set up inspections and assign the inspector to an inspection company.
  • Set up loan templates and draw templates as needed.
Note: Construction loans are intended for construction proposes. Servicing Director does no support escrow accounts on construction loans.
After you set up the system for construction loans, you can add a construction loan in the loan set up module. For more information, see Setting Up Servicing Director for Construction Loans and Adding Construction Loans.

After you add construction loans, you can service them as follows:
  • Create draws, disbursements, and pay invoices.
  • Deposit and disburse funds from a reserve account (borrower funds and holdbacks).
  • Generate a monthly billing statements.
Note: For information about servicing construction loans, see Servicing Construction Loans.
 

Environment:

Servicing Director

ArticleNumber:

000054603

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