Built Adds New Technology Expert

Built Technologies, a FinTech company focused on powering smarter construction lending through modern technology, has brought on Raymond (Ray) Ritz as Senior Vice President (SVP) of Technology. In his role, Ritz will lead Built’s product and technology development, including software engineering, customer support, and implementations.

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“We are excited to welcome Ray to Built’s executive team,” said Built CEO Chase Gilbert. “As we continue to expand our reach and impact throughout the construction industry, lenders from coast-to-coast have used our platform to manage over $21 billion of construction loan volume. Ray is joining our team at a crucial time, and we are confident his impressive background in software engineering will help us strengthen our platform and drive more opportunities for Built across the U.S.”  

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Before joining Built, Ritz served as the vice president of software engineering for naviHealth, where he led the engineering department through a period of rapid expansion and growth. Previously, he was a senior director at Xerox Company, overseeing the global product and software development team’s development of public safety products.

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“It is an honor to join Built as the company continues its impressive growth trajectory,” said Ritz. “Built’s platform has already begun to transform the construction lending industry, and I look forward to further advancing our software initiatives for financial institutions across the country.”

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Ritz earned his Bachelor’s Degree in Management from Virginia Tech.A

Built is a provider of secure, cloud-based construction lending software and the only platform to be endorsed by the American Bankers Association. Built’s collaborative platform brings the draw management process online, helping to reduce construction loan risk, increase loan profitability, transform the borrower experience, simplify compliance, and provide lenders with data never accessed before. Built serves community, regional, and national lenders coast-to-coast. 

Built Technologies Deepens Banking Industry Expertise

Built Technologies, a FinTech company focused on bringing construction lending into the digital age, has added two seasoned banking industry executives with Billy Olson joining as director of builder financial solutions and Natalie Myrick as director of mortgage solutions. Olson and Myrick bring decades of experience on the lending side with prominent banks, Wells Fargo and Umpqua Bank respectively.

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“Billy and Natalie are critical additions to our team at Built as they deepen our banking expertise and help us better understand the lender’s perspective,” said Chase Gilbert, CEO and co-founder of Built Technologies. “The Built platform has served over $18 billion of construction loan volume with financial institutions—large and small—across the U.S. Billy and Natalie understand the challenges lenders face because they’ve lived it first-hand. Now with Built, they will help our clients maximize our platform and ultimately improve the construction lending process for lenders, builders, borrowers, and everyone involved.”

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Olson, who joins Built as director of builder financial solutions after nearly two decades at Wells Fargo, will aid in the development of borrowing base product functionalities and serve as the voice of the firm when speaking with potential clients. Most recently, he served as vice president of loan administration for a dedicated homebuilder lending group within Wells Fargo managing 40 thousand homes under construction annually. Previously, Olson held positions within Wells Fargo’s specialized real estate group dealing with residential and commercial construction. He holds a bachelor’s degree from Northwood University.

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As director of mortgage solutions, Myrick will lend her expertise in developing streamlined processes and procedures that ensure Built’s CTP clients are successfully implemented and getting the most out of the platform. She brings nearly a decade of experience on the lender side with a leading West Coast financial institution, Umpqua Bank. She most recently served as vice president of construction servicing for Umpqua where she managed the bank’s lending process and systems.  Before that, she held a series of positions in investor reporting and loss mitigation at Umpqua. Myrick holds both an MBA and bachelor’s degree.

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Built is a provider of secure, cloud-based construction loan administration software and the only platform to be endorsed by the American Bankers Association. Built’s collaborative platform brings the draw management process online, helping to reduce construction loan risk, increase loan profitability, transform the borrower experience, simplify compliance, and provide lenders with data never accessed before. Built serves community, regional, and national lenders coast-to-coast.

Olympia Federal Savings Expands Construction Lending

Olympia Federal Savings has chosen Built Technologies to bring their construction loan administration to the digital age. Oly Fed is known for providing modern online banking and innovative lending programs, and is migrating their manual construction loan process to Built’s online platform for real-time collaboration, faster disbursements, risk mitigation and more efficient processing.

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Oly Fed customers can apply for construction loans online and monitor the project inspection and draw process with a digital, consistent experience. They can request draws easily, schedule inspections with a few clicks, and see the key performance metrics of their loan with intelligent reporting. The technology is a win-win for customers and Oly Fed staff, since it also dramatically reduces the manual labor involved in traditional construction loan administration.

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“The transition to a digital construction lending experience gives us the ability to provide even more customers with personal service,” said Richard Pitts, EVP, Chief Lending Officer of Oly Fed. “There is increased demand for these loans and modern financial technology gives us the ability to serve our community even better than before.”

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“We’re excited to welcome Olympia Federal Savings”, said Chase Gilbert, CEO of Built. “With their 110-year history and status as a leading portfolio lender, it’s a great compliment to be chosen as part of their customer service mission.”

Differentiate Yourself Within Competitive Construction 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.

The first part of the construction lending process that must be automated is the post-close administration of construction loans. Innovative lenders are now offering technology that is accessible from any phone, tablet or computer, eliminating the need for paper files and spreadsheets. This allows the borrower to check on the status from any device and improves the experience for everyone. People are making better business decisions enabled by real-time text messages showing draw availability and areas of risk.

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Ideally, the best solutions for this process reduce loan administration time by 50 percent or more, lower inspection costs, identify and mitigate potential risks and enhance working relationships through mobile access. But what about the other side of the construction loan process? While lenders and borrowers are being offered innovative technology to help automate their business, contractors are often left behind.

For instance, the majority of builders and general contractors are still paying their contractors via paper checks, after collecting paper invoices and paper lien waivers. The contractor must then drive to pick up the check, deposit it and wait for funds availability. In addition, builders and general contractors are completing 1099 tax forms and other important reporting material by hand, which can be difficult and time-consuming.

To truly remain competitive in the construction lending market, lenders must not only use technology to automate the post-close administration of loans, but also understand that the entire payment process must be automated in order to be most effective.

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Competitive lenders are typically the community-focused banks that have implemented new technology to complement the automation tools they are already using. This new solution looks like a mobile and web-based service that automates the construction payment stream with electronic submittal of lien waivers and invoices from contractors to the builder, as well as electronic payments to replace checks.

In short, borrowers are able to pay their contractors instantly, allowing them to focus on the project at hand and saving the contractors significant amounts of time and frustration. Borrowers are always going to choose to work with lenders with a more efficient payment process so that they can concentrate solely on ensuring the job is completed properly.

Technology such as this also increases transparency in the payment stream process and reduces unnecessary friction between borrowers, builders and contractors. With mobile access, it is easy to log into the system on-the-go to check for any errors and assess the status of the project. Contractors have all of their payment questions answered simply by checking their phone.

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While this kind of automation is new to the industry, two forward-thinking lenders have already adopted it and have collectively processed over 126 million in construction payments in just four months. As a lender in the construction loan industry, it is critical to automate both the post-close administration of construction loans as well as the payment stream. This ensures the lender faster cycle times and payments, improved communication and of course, a competitive advantage.

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Integration Furthers Digital Construction Lending

Built, a provider of secure, cloud-based construction lending software, is being integrated with Black Knight’s LoanSphere platform. Black Knight is a provider of integrated software, data and analytics solutions that facilitate and automate many of the business processes across the homeownership lifecycle. The Built integration will provide digital management on any construction loan using loan data from Black Knight’s two core LoanSphere systems: the LoanSphere Empower loan origination system and the LoanSphere MSP servicing system.

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Demand for construction loans has increased with owner-occupied products and renovation markets poised for continued growth. In the past, the administrative burdens of construction loans have been a significant barrier for many lenders because of the manual processes required for spreadsheets, phone calls, email threads and other loan-related communications. With the integration between Black Knight and Built, any construction loan can be digitally managed throughout the loan life cycle – from origination through servicing.

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“We are excited to add Black Knight to our Strategic Alliance Network. Both Empower and MSP are industry-leading enterprise solutions, and this integration will provide a complete, seamless experience from loan origination through construction,” said Built President and CEO Chase Gilbert. “As construction lending heats up across the country, the timing of this integration couldn’t be better for the industry.”

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LoanSphere is Black Knight’s end-to-end platform of integrated software, data and analytics supporting the entire mortgage and home equity loan lifecycle – from origination to servicing to default. The platform delivers business process automation, workflow, rules, and integrated data throughout the loan process, providing a better user experience, cost savings and support for changing regulatory requirements.

“Both lenders and servicers will benefit greatly from Built’s integration with LoanSphere, which connects lending functions and data to help clients reduce risk, improve efficiency, and drive financial performance,” said Black Knight President Joe Nackashi. “Built’s technology complements these capabilities by offering real-time data access to improve the overall experience between mortgage professionals, builders and their borrowers.”

Innovation Helps Lenders Enter And Automate Construction Lending

Innovation is alive and well. Technology vendors are always looking for creative ways to help lenders reach new markets. For example, The Mortgage Resources Group, LLC (MRG) team of industry experts, leading providers of mortgage document preparation software and legal compliance; and Land Gorilla, LLC the industry leader in risk management solutions for construction and renovation loan products are combining their years of experience and expertise to address all lender concerns with respect to construction lending. Here’s how it works:

The construction lending business is booming, and we are in the midst of a sustained and indeed climbing construction market with significant momentum. This uptick is being driven by the improving labor market, and adding jobs is particularly important to young adults on the verge of forming their own household. Most of the trends and forces that have slowed the housing recovery are gradually disappearing. More households are being formed; more jobs are being created; home equity is increasing; and confidence is coming back. For the remainder of this year, into next year and beyond looks particularly strong for all these reasons. The pent-up demand for a new home and the arrival of first-time home buyers is very strong.

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The complexities and intricacies of construction lending can be daunting, particularly with the nuances of TRID and the ramifications the CFPB imposes for inconsistencies and non-compliance that come along with it. Disclosing and closing, when and how can be and are confusing; inspections, appraisals, reporting underwriting…the list of actions is intense. Engaging with the wrong vendors can cost thousands of dollars and these mistakes start with an uneducated approach to construction lending itself and the processes that surround it.

The good news – it doesn’t have to be difficult or costly – there is a solution. The first thing to understand and help guide lenders through this is that there are partners who specialize in this field to make it worth the price of admission. All of the moving parts that multiply the chance of a problem – a legal problem – occurring, are mitigated and the risk associated with it. That’s the difference between something industry-specific, best in class and something generic.

“Construction lending should be safe and hassle-free. Land Gorilla believes that construction lenders, contractors, and borrowers need to be protected from the inherent risks associated with traditional construction loan management practices. Our team of industry experts are pioneering a new ecosystem of construction loan management that is cloud-based, efficient, safe, and 100% compliant,” said Shannon Faries, Director of Risk Management, Land Gorilla.

“The benefit of this relationship is to help lenders understand that there is a combined, best industry solution available to them that addresses all facets of the process while keeping them in compliance – worry free,” said Kathleen Mantych, Senior Marketing Director, MRG. “MRG’s compliance ecosystem in tandem with that of Land Gorilla allows lenders to be focused on generating and maintaining a profitable business while leaving the heavy lifting to us.”

This collaborative partnership will be exhibiting at the MBA National Secondary Conference in New York, NY May 15th through 18th at booth #421. Stop by and talk to these two organizations for an in-depth view of their knowledge and expertise – experience the difference.

You can find out more about Land Gorilla online HERE.

Lenders Are Looking For Every Advantage

Every lender is looking to cut cost and increase efficiency. The smart lenders are turning to technology to achieve this goal. For example, PrimeLending, a national residential mortgage lender, has implemented ISGN’s TCL product, a software system developed specifically for servicing residential and commercial construction loans. Here’s why PrimeLending made this decision:

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 percent from the fourth quarter – marking the fourth consecutive quarterly gain for construction lending to home builders.

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.”

“The U.S. construction lending industry is seeing a slow but steady recovery, with McGraw Hill Construction projecting total U.S. construction starts to rise by nine percent in 2014 to $555.3 billion,” said Paul Imura, chief marketing officer of ISGN. “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.”

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Promoting Construction Lending

Trinity Inspection Services, LLC has integrated with ISGN’s TCL product, providing construction lending web inspection services that streamline the lending process, eliminate duplicate data entry and provide significant enhancements for residential and commercial construction lending.

ISGN’s TCL construction loan platform simplifies and automates the management of all residential and commercial loans within one, configurable system. TCL provides a real-time view of loan portfolios and day-to-day operations including disbursements, budgets, property inspections and document tracking, reducing data error and duplication.

Through this integration, TCL users now have access to Trinity’s web inspection services. Trinity’s portfolio of construction lending services allow construction lenders to focus on their core business of selling and originating construction loans while leaving all or some of their back office functions to Trinity. In addition to web inspections, their services include builder registration, appraisal, collateral review, project costing, budget evaluation, draw inspection, date down, permit verification, appraisal completion certificate, troubled asset management and builder replacement assessment.

“The addition of Trinity Inspection Services is an integral part of the expansion of our TCL Web Inspection Network,” said Paul Imura, CMO of ISGN. “This new partnership will advance our mutual goal of ensuring that the back office processes of construction loan servicing become more effective and efficient.”

Construction lenders that leverage TCL will have complete control of the end-to-end management of the entire loan lifecycle, providing the flexibility they need to increase their loan portfolio without adding to overhead costs including control over the draw process for validation of overline conditions, missing/expired documents and past due interest. Additionally, TCL can offer alternative financing programs, process and administer competitive and flexible programs for loans, and track borrower relationships and complex lines of credit.

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