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BankLabs

PayThink – Pennsylvania’s payment regulation will tighten construction transaction controls nationwide

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On Oct. 10 the state of Pennsylvania enacted significant changes to its Contractor and Subcontractor Payment Act (CASPA). In short, the amendments provide increased protections for payment on private construction projects, while at the same time impose new and additional notice requirements of which owners, lenders, contractors and subcontractors must all be aware.  For the full article visit PaymentsSource

https://www.paymentssource.com/opinion/pennsylvanias-new-construction-payment-regulation-will-have-national-impact

CenterState Bank & BankLabs Win Innovation Award – Mobile Construction Loan Automation

By | Award, Press Release | No Comments

Little Rock, Ark., September 25, 2018 – BankLabs, a national provider of innovative mobile technology products for financial institutions, today announced that Fla.-based CenterState Bank has signed on for BankLabs’ cloud-based construction loan management product, Construct.

Construct is a banker-centric, web-based service that automates the post-close administration of construction loans for lenders. Accessible from any phone, tablet or computer, it eliminates the need for paper files and spreadsheets, increases bank productivity, mitigates the risk of overfunding projects and improves the experience for both the builder and borrower.

“We were in need of a modern and mobile approach to improve efficiency and consistency, while simultaneously improving the borrower experience and reducing risk with real-time reporting,” said Frances Mansour-Bergin, vice president and construction loan administration manager at CenterState Bank. “Construct has completely automated our loan administration, inspection and draw process, making a highly complex practice very quick and efficient. It has made processing construction loans easy for everyone involved, including the builders and borrowers.”

Construct has proven to reduce loan administration time by 50 percent, lower inspection costs, identify and mitigate potential risks and enhance the borrower/builder relationship through mobile access. Financial institutions using Construct have already seen an eight to 12 percent draw interest improvement, as well as a decrease in cycle time from days or weeks to minutes.

CenterState was recently recognized as a winner of the second annual Impact Awards through its usage of BankLabs’ solution. The awards, independently judged by Celent, identify organizations that are using technology or services in innovative ways to better serve their customers and drive tangible results. CenterState was acknowledged for its innovative construction lending solution.

“We are thrilled that CenterState is not only seeing improvements since implementing Construct, but that they are being recognized for those improvements,” said Matt Johnner, president and co-founder of BankLabs. “We are proud to partner with innovative financial institutions, like CenterState, that are ready to embrace change and mobility in the construction finance industry.”

About BankLabs

The mission of BankLabs is to reimagine banking products of the future through community-oriented technologies that create new fee income, attract deposits, expand loan opportunities and differentiate the financial institution from competitors. BankLabs believes that community banking is a way of doing business, not a size, location or traditional definition. For more information, visit www.banklabs.com.

How Credit Unions Can Create Successful Partnerships with Fintechs

By | Article, Fintech, News | No Comments

CUs and fintechs represent unique spaces, but they can pair together perfectly to provide the best services.

While fintechs are synonymous with innovation and modernism, credit unions are, and have always been, symbols of stability and tradition. In order for these two powerful payments players to work together, each needs to understand the other and use its strengths to form a valuable partnership.

Click here to go to Credit Union Times to login and read the full article.

 

A Roundtable Discussion: Housing Market Dynamics

By | Article, Fintech, News | No Comments

MBA Insights recently held a roundtable discussion with several industry executives for their perspectives on the housing market, mortgage technology and the future of real estate finance.

Participants included:

Matt Johner, President and Co-Founder of BankLabs, Little Rock, Ark. He is responsible for corporate strategy, branding and growth plans including the execution of all sales, marketing, business development and customer success activities, with the goal of reimagining banking products of the future through community-oriented technologies that create new fee income, attract deposits, expand loan opportunities and differentiate the financial institution from competitors.

View the full article here.

BankLabs Selected to Constructech 50 for 2018

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BankLabs is honored to be named to Constructech’s Top 50 companies in 2018 for construction technology for our construction payment automation product, +Pay. This program recognizes the leading technology and software companies – from companies with a single offering to companies that may house multiple software or hardware platforms.

Our +Pay product is cloud-based and accessible from any mobile device or computer. It standardizes builders and general contractors payment process to improve efficiency, provide real-time data access and help their sub-contractors succeed.  Features include electronic payment requests from sub-contractors, including supporting lien waivers and invoices. The product automates 1099 tax reporting and provides fast and easy electronic payments to sub-contractors.

View the full list of winners here.[/vc_column_text][/vc_column][/vc_row]

2018 HousingWire Tech100 Winner: BankLabs

By | Award

 

BankLabs is honored to be named to Housing Wire’s 2018 Tech 100 List for our construction loan automation product, Construct. This program recognizes the leading technology and software companies – from companies with a single offering to companies that may house ten or more different software platforms.

Our Construct, cloud-based service automates the construction loan management process for community banks. It is accessible from phones, tablets or computers, and eliminates the need for paper files and spreadsheets, increases bank productivity, mitigates the risk of overfunding projects and improves the experience for the builder, borrower and inspector. Using Construct, a builder is able to view available funds via computer or mobile device and submit a draw request. Notifications are then sent via text or email to the inspector, borrower and bank personnel.

View the full list of winners here.

Differentiate Yourself Within Competitive Construction Lending

By | Article

By Matt Johnner

As Featured in Progress In Lending.

Construction lending is a growing sector of the mortgage industry and one that has traditionally been dominated by big banks. Recently however, these big banks are taking a more conservative approach on construction loans, creating opportunities for smaller, community-focused banks to seize the steady flow of capital.

While big banks are choosing to limit exposure by focusing more on existing customers, other financial institutions can jump in to fill the void. Of course, this means that the competition between small and mid-level banks focused on construction lending is reaching an all-time high.

So, how can a financial institution differentiate itself in such a competitive market? The answer is by offering solutions that automate the entire construction loan process, making life easier for all parties involved.

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