Since every lenders has different requirement son what a rehab/construction budget template should look like, we have designed a way to allow the lender to pre-configure the default template, but allow for the borrower to add in additional details if needed. Our rehab/construction budget supports upload of files or pictures & descriptions on each line item to help calculate an accurate budget critical to determine After Repair/Rehab Values.
Most draw requests happen offline, making it more difficult maintain funds control between numerous draw activity. When a user requests a draw, they must follow the previously approved budget and indicate on each line item what has been completed. The inspector user designated in LendingWise will be able to view the original budget, the completed line items and provide detailed feedback and status updates with pictures & comments via mobile friendly page.
The mobile friendly inspector portal displays the original rehab/construction budget in it’s entirety. As each gets reviewed & inspected, detailed updates, notes & pictures can be uploaded, allowing the back office to review and make determination to approve, deny, schedule re-inspection. Each draw request displays in its own column, outlining the sum total % of completeness. Check out the video outlining how it works (Coming Soon!)
With one central draw management process tied to the original rehab/construction budget and current escrow budget, you will be able to maintain 100% funds control.
The mobile friendly page displays the necessary details on the rehab/budget including all the previous draw request & current escrow budget. It supports the upload of notes, pictures, status updates per each line item by a 3rd party inspector designated inside teh LendingWise system. NOTE: This is NOT a mobile app that must be downloaded via Android or iOS app marketplace.