PrimeLending borrows technology's help for loan servicing

PALM BAY, USA: ISGN CorporationTM  announced that PrimeLending, a national residential mortgage lender, has implemented ISGN's TCLTM product, a software system developed specifically for servicing residential and commercial construction loans.

"In response, lenders like PrimeLending are investing in technology like our TCL, indicating a strong need for automated end-to-end construction loan servicing software to better manage the increased demand in construction loans."

According to the Federal Deposit Insurance Corp., both residential and commercial construction loan volume is rebounding after a steep decline. A recent article in The Wall Street Journal cited that outstanding loans totaled nearly $45.7 billion in the first quarter - up 4.5 per cent from the fourth quarter - marking the fourth consecutive quarterly gain for construction lending to home builders, the announcement added.

As a result of this increased construction lending demand, PrimeLending will leverage TCL to better manage residential construction loans from one streamlined, automated and configurable system, allowing control of the end-to-end management of the entire loan lifecycle.

"U.S. home construction has recently showed signs of improvement and growth," said Kale Salmans, senior vice president of Construction and Renovation for PrimeLending. "This prompted us to invest in ISGN's TCL platform to better manage the increased demand in residential construction loans while allowing us to become more efficient. With this technology in place, our loan originators have the ability to increase their home loan pipelines."