ECL Software Announces Integration with AFX Research to Automate Title Updates and Expedite Draw Disbursements
16 July 2024 - 1:00PM
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/
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version on businesswire.com: https://www.businesswire.com/news/home/20240716243268/en/
Henry Patterson Director of Operational Support
henry@eclsoftware.com 800-625-5972 x702
Meghan Askin Director of Lending Services
meghan.askin@afxllc.com 877-848-5337 x101