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Special Reports
Construction Lending
TCL Lite Edition Released
Users have complete control of draws.
By Bonnie Sinnock
MortgageHub, a technology provider serving the wholesale channel as well as others,
has released the Construction Lender Lite, a version of its TCL construction lending software that has been specifically
tailored for use by smaller lenders.
TCL Lite "utilizes the same basic core functions of the original TCL system," but streamlines them "to
only provide those functions that smaller lenders require" and allows users "to upgrade to the full TCL
system at any time with minimal effort," according to the company. "TCL Lite is extremely easy to implement
and use but still provides all the controls required for budgeting, cash management and management information,"
said Dave Demster, president, mortgage products division of MortgageHub, in a company press release.
The TCL system allows lenders to streamline loan administration, mitigate risk, control draws and disbursements
and track budgets, according to the company. "The system can handle a wide array of loan products, including
acquisition and development, builder lines, construction to permanent, [Department of Housing and Urban Development
203k program loans], master/sub, fixed, variable, borrowing base and tiered pricing," and "loans in default
and/or non-accruing loans," MortgageHub said in a press release. "Because the system operates in real
time, users have complete control of disbursements, based on company policy," the company said. "Draws
can be funded through wire transfers, computer-generated checks or manual checks, and disbursements can be directed
toward the borrower, contractor or any combination. TCL can automate all daily accounting features and interface
with a company's general ledger and origination systems. TCL also significantly enhances the property inspection
process by providing the ability to order and receive inspection information electronically through the Web."
The company said residential and commercial construction lenders throughout the industry use TCL, including seven
of the top 10 construction lenders. The software was created to help construction lenders better manage the numerous
processes in the construction loan life cycle and the company said it allows lenders to increase efficiency and
reduce processing costs by as much as 50%, according to the company. TCL's management information systems also
were designed to enable lenders to reduce their regulatory exposure and loss risk, the company said.
ISGN, one of India's leading conglomerates, is the parent company of the MortgageHub.
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