Reporting and Reconciliation
GLM lets you pick and choose the service that best fits our needs.
GLM lets you pick and choose the service that best fits your needs.
From contractor and project review to national inspector services and integrated reporting, GLM offers a broad base of products and services to develop and manage a construction lending program. You select the services that best fit your needs. No matter which of GLM’s services you choose, you will be working with experts in construction lending.
Statutory Compliance (Mechanics’ Lien):
Statutory Compliance is an extremely complex body of law because it varies from state to state across the country.
At Granite Loan Management we have spent years researching the intricacies of these laws to provide you with the most up-to-date information on mechanics’ lien law in your state.
- GLM has developed policies and procedures in all 50 states and the District of Columbia to walk you through the process from start to finish.
- We understand the statutory compliance documentation that is required in each state in order to minimize your risk and ensure your home is built free of mechanics’ liens.
Final Roll-Over to Permanent:
Granite Loan Management’s objective in using our Risk Mitigation System (TM) is to deliver a completed project on time, within the budget and free of any mechanics’ liens.
We also oversee the final draw management in accordance with state specific procedures based on each state’s lien laws.
GLM’s Risk Mitigation System ensures that the loan is sale-able in the secondary market.
Reporting and Reconciliation:
A good reporting system raises red flags throughout the process. Granite Loan Management’s custom reporting capability enables us to see a problem developing well in advance. We also manage each project on a draw-by-draw basis providing you with the most current information.
The following reports are few that are available:
- Project Cost Report – Continuously compares the work in place to funds disbursed.
- Inactivity Report – Tracks projects with no draw activity within a specific number of days.
- Maturity Report – Ensures the project is progressing in a timely fashion.
- Portfolio Report – A roll-up report of national or regional program.
GLM lets you pick and choose the service that best fits your needs
Construction Loan Servicing
Granite Loan Management delivers a comprehensive Construction Loan Servicing solution that minimizes problems, enhances product features and reduces costs. Services include forwarding statements, collecting payments and custom-tailored reporting.
Billing & Collecting
Billing statements prepared utilizing your Company’s brand image
Payments directed to your Company’s lock-box
Customized collections based upon your Company’s policies
- Insurance Monitoring
- Builders Risk
- Worker’s Compensation
Automatic Interest Reserve Payments
Management of Principal Payments
Tracking & Monitoring of Additional Fees
Private Labeled Customer Correspondence
- In-bound telephone call
Guaranteed Service Standards
Construction Escrow Services
Third party verifies and holds funds ensuring payment
Timely payment (not subject to homeowner’s schedule)
Budget reconciliation and management
Third party acts as intermediary resolving conflicts
Qualified construction inspector confirms work in place
Construction Loan Workout
Project Status & Inspection Management
Review project to determine if shortfall exists.
Analyze all disbursements made to date.
Coordinate and analyze property inspection to determine project progress including:
- Work in Place
- Remaining work to be completed
- Obtain repair/completion recommendation
- Calculate estimated cost to complete
Provide Construction Price Analysis or Broker Price Opinion (BPO).
Provide repair/completion cost recommendations.
Contractor Replacement and Bid Evaluation:
Identify qualified contractor(s) to complete project.
Obtain and review cost to complete bid(s).
Review Contractor’s qualifications including credit report, references, and appropriate insurance(s) and license(s).
Construction Completion Management
Set-up and manage cost-to-complete budget.
Monitor construction progress
Review and recommend draw requests including inspections.
Provides tracking and Risk Responding.
Obtain final completion documentation.
Quality Control Services
National Inspection Audit Service
Spot checks your internally qualified inspectors to ensure compliance with policies and procedures.
Portfolio Audit Services (PAS)
Assures adherence to specific policies concerning the approval, processing, and administration of a construction loan.
GLM provides comprehensive training that enables any staff member to originate and process a construction loan.
Submit a Request for Proposal for the above mentioned services or Contact Us directly via email or toll free at 866.710.4087.