First National Bank of Middle TN Case Study


Established in 1847, First National Bank of Middle Tennessee (FNBMT) is the third oldest bank in Tennessee, an Equal Housing Lender, and a member of the FDIC. FNBMT offers a full range of banking services and strives to enhance the customer experience by serving the personal and business needs of its markets, providing superior customer service, investing in the communities it serves, and enriching the lives of its employees.
CHALLENGE

Similar to many of the financial institutions involved in construction lending, FNBMT managed their construction portfolio manually, resulting in a cumbersome communication which lacked transparency and uniformity between all parties involved. “The draw process was not streamlined and communication was burdensome,” said Katie Bennett, Senior Vice President, Commercial Lending. “Before Built, our process of funding draws was cumbersome and lacked consistency.”

SOLUTION

FNBMT sought a technology solution to bring their post-closing construction loan administration process online--increasing efficiency and improving communication and transparency between all key parties. By centralizing information and automating and standardizing manual administrative tasks, Built provided a means for FNBMT to streamline communication between borrowers, inspectors, and the draw desk and ensure a more consistent draw management process. The automation has also allowed FNBMT to ensure that draw errors do not exist by automatically identifying and ensuring that inconsistencies between Built and their core platform do not exist. “Access of information for lenders as well as borrowers is wonderful,” said Katie Bennett, Senior Vice President, Commercial Lending. “Consumer customers like the access to be able to see their project whenever they want to.”

 

RESULTS
  • Average draw turnaround reduced from 2-3 days to 1-2 days 

  • Significant productivity gains, saving loan administrators more than 5 hours each week
  • Automated manual processes, reducing the risk of human error
  • Real-time monitoring and reporting, ensuring draw errors don't exist
  • Streamlined communication, significantly reducing email communication
  • Faster inspection requests and turnaround

“Before Built, our process of funding draws wasn't streamlined and communication was burdensome. We've received nothing but positive feedback from builders and borrowers since implementing the platform. The access of information for lenders as well as borrowers is wonderful”

KATIE BENNETT
Senior Vice President, Commercial Lending 

First National Bank Logo
INDUSTRY
  • Consumer
  • Home Builder Finance
  • CRE (pending)

CHALLENGE
  • Lack of transparency
  • Cumbersome communication process
  • Inconsistencies in loan management process

SOLUTION
  • Streamlined technology with Built
  • Automated administrative tasks and reporting capabilities 
  • Complete transparency for all key stakeholders 
  • Collaborative platform, making communication easy

RESULTS
  • Faster draws and increased interest income
  • Significant time savings for lenders and assistants 
  • Less frequent email communication 
  • Faster inspection turnaround
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