Fair Isaac's ScoreNet Portal Introduced for Construction Lending Industry

Fair Isaac Corporation, the leading provider of analytics and decision management technology, today introduced its ScoreNet® Construction Borrower Portal, a new ScoreNet service designed to help construction lenders improve workflow efficiencies and customer care by offering borrowers real-time access to their loan information and tools to self-manage their portfolio.

The Construction Borrower Portal is tightly integrated with Fair Isaac’s TCL™ software system (The Construction Lender), the most widely used construction lending solution for the servicing of residential and commercial loans in the U.S. Fair Isaac’s ScoreNet network enables the electronic exchange of data between the TCL system and the various service providers used throughout the construction process, providing lenders with the ability to manage all property transactions via the Web.

By using the portal, existing TCL clients and lending institutions can significantly cut call center queries and administrative workload by allowing borrowers to quickly and easily access their loan information, make payments for loan receivables, submit requests for progress inspections, loan draws and budget modifications, provide borrower information updates and more. In addition to providing construction lenders with a Web presence and unprecedented levels of customer service, the portal gives them a valuable marketing channel for cross-sell and up-sell communications to grow their loan portfolios.

Source Construction Capital, a Minneapolis/St. Paul based non-bank, finance company specializing in the financing of residential construction and land development projects, is the fourth lender to select the new portal. The TCL system user plans to reduce the number of calls into its call center and further streamline its construction lending processes.

"We chose Fair Isaac’s new Construction Borrower Portal to provide our customers with the same robust online loan and account management features and high-level customer service they have come to expect from their regular banking partners," said Pat Hiller, Chief Financial Officer at Source Construction Capital. "Our company is built on the philosophy of using advanced technology to continually improve our lending processes and decisions. Fair Isaac’s Borrower Portal will help better serve the needs of our customers, while allowing us to grow our portfolio without incurring additional overhead costs."

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"We designed the new portal to further enhance the significant value offered by our existing TCL system and ScoreNet capabilities, and it is already gaining strong traction in the marketplace," said Susan Sperl, vice president of Mortgage Product Management at Fair Isaac. "The availability of an integrated, easy-to-use borrower portal gives forward-thinking, service-oriented lenders such as Source Construction Capital a competitive advantage and reinforces TCL system’s position as the market’s premier full-cycle construction lending solution."

TCL clients have administrative control of the portal site and are able to manage users and security levels. Construction Borrower Portal functionality can be seamlessly and quickly integrated into a lender’s existing web site or hosted and accessed through a client-branded ScoreNet web site, while taking the burden of development, maintenance and upgrades away from the client’s IT resources.

Seventy percent of the top ten lenders use Fair Isaac’s TCL system to automate and simplify the entire construction servicing transaction process, including construction to permanent loans, builder lines, A&D loans, master/sub loans, lot loans, 203k loans, as well as borrowing base and tiered pricing loans.

ScoreNet network brings together more than 2,200 partners, primarily across the consumer credit and mortgage banking markets in the U.S. It manages and distributes information between data sources and service providers, and applies Fair Isaac analytics and decision management technology on demand to help lenders improve their most critical business decisions.