In the last year, North Shore Systems has greatly expanded and enhanced the NS Construction Module.
Parkview's Use of the NS Construction Module
Parkview Financial is one of the customers leading the way and using the NS Construction Module to its full capacity. In concert with the NS Portal, Parkview is able to collaborate more seamlessly with borrowers. Subsequently, they can complete the full process from budget set up through fund disbursement in an automated manner. Borrowers are able to take over the initial set up and submit their budgets from the Portal. This can either be done manually or via an excel import. Parkview then reviews the Budget internally, modifies as needed, and notify the borrower of changes from the system. This process can go back and forth as many times as needed between the internal team and the borrower until the negotiations are completed and the budget is formally approved.
At this point, Parkview is leveraging North Shore’s internal e-signature capabilities to request an e-signature from the borrower on the Approved Budget. This is generated from our Doc Prep tool. Then the borrower is notified and e-signs directly on the Portal. Once the deal closes, the Disburse Funds screen in the Construction module is used to post the initial funds released at closing, before the borrower is notified that they may begin their draw requests. Just like the process for Budget Setup, the borrower can submit their draw requests from the portal. Then the amounts can be negotiated back and forth with the internal Construction inspectors, as needed.
Once the inspector approves the Draw Request, another e-signature document from doc prep is sent out with the Draw Request information for the Borrower to sign. At that point, the Items to Pay screen is used to pull the list of draws that are approved for disbursement and to record the posting of the draw requests once funds are released.
Parkview & the NS Mobile App
Parkview Financial will also be leading the way with the NS Mobile App. Their inspectors will use the app primarily to review and negotiate draw requests while out on the field. The app provides them all of the same capabilities for Draw Inspections that are available in the base system. Additional features that work well with mobile devices have been added to the app. This includes taking and saving pictures directly from their mobile device into NS.
More About the NS Platform
We are happy to share a generic walkthrough of the construction module’s full capabilities. If you are interested in viewing our video on the construction module, fill out our contact form.
While Parkview is using all of the features in the construction module, like all of our modules, customers may pick and choose which pieces of the construction module to apply and which they’d like to turn on or off. If you have a need for tracking Budget Line Items or performing any of the other functions of this module, please feel free to reach out to begin discussions of how the module may help facilitate processing of your construction loans.