New build loans, also called new construction loans, finance properties that are currently being built rather than existing homes. The processing on these files is meaningfully different from a standard purchase: there's no completed property to appraise at the start, the file often involves a draw schedule coordinated with the builder, and many new construction loans need to convert from a construction loan to a permanent mortgage at the point of completion, a process called a construction-to-perm or one-time close. That conversion adds a layer of coordination and documentation that a standard purchase file never requires.
Hancock's processors handle new construction files inside your existing systems with the same dedicated processor on every file. For new build loans specifically, that means managing the builder coordination, tracking the draw schedule, ordering the appropriate inspection or appraisal at the right stage of construction, and preparing the file for the conversion to permanent financing when the build is complete. The extended timeline on new construction files requires consistent communication and accountability throughout, not just at the point of submission.
What Our
New Build Loan
Processors Handle
New construction files take longer and involve more moving parts than a standard purchase, which means the cost of a processing mistake, a missed draw request, a late appraisal order, or a document gap at conversion is higher than on a conventional file. A processor who handles new build loans regularly knows the checkpoints specific to this loan type and keeps the file on schedule through a longer and more complex process than most residential transactions.