Patch of Land's Tech Team is always working on building useful tools in order to give you the best experience possible while using our real estate crowdfunding platform. As a tech-enabled company we thrive off innovation, therefore we're constantly making improvements to better suite your needs. Whether you're an Investor, Borrower, or Broker with Patch of Land, we're sure you'll appreciate these updated functions and features that are now available to you.
Wells Fargo ACH Origination:
We've switched our ACH payments provider to Wells Fargo. This is a direct relationship whereby we are able to batch into the ACH system multiple times per day in order to ensure the fastest possible clearing time for funds in and out. This change will result in Investors' orders completing the business day following their placement and withdrawals processing into Investor accounts in one or two business days instead of the previous three to five days. This feature also further increases the security of funds transfers and bank information.
Social Registrations Now Ask What Type of Account You Want Created:
Users without an existing account who click on a social registration or login button will now be asked what type of Patch of Land account they would like to have created. IE: Borrower, Investor or Broker.
Borrower Team Members:
Borrower accounts can now invite assistants, brokers, attorneys, etc. as team members to their account. These team members receive their own login and can view a restricted version of the parent Borrower's account. Team members can fill and submit applications, upload documents, complete loan tasks, and request draws on behalf of Borrowers.
New Broker Portal and Account Type:
Our newly launched broker portal and ability to register as a broker makes referring deals to Patch of Land and assisting brokered loans through the pipeline very easy. Brokers can create new borrowers and apply on their behalf, with each borrower getting their own account. Brokers can retain the relationship with their borrowers through Patch of Land by processing loan requirements for borrower loans through one, centralized portal. Brokers and referred borrowers all see the same loan status and information and brokers can continue their relationship with borrowers by using the Broker portal to request draws and apply for subsequent loans.
Watch this video to learn more
Email Frequency Settings:
All users can now control the frequency at which transactional emails are sent to them through the platform. Several options are present including loan launch emails, order confirmation, withdrawal confirmation, project updates and more. These frequency adjustment options are defaulted to the most commonly requested timings but can be adjusted at any time from the Account Settings section of the account dashboard.
Watch this video to learn more
Dedicated Loan Payoff Distribution Email:
Investors receiving a payoff of principal will now immediately receive a new email detailing the payoff, whether it was partial or full, and includes more information related to the timing of the payoff and how interest was calculated.
Loan Applications Can Now Be Saved in Draft Mode:
In an effort to make the loan application process easier on borrowers and brokers, we've introduced the ability to save your process on loan applications and associated forms. Drafts can be revisited at any point in the future and resumed, with new revisions capable of being saved again or submitted when ready.
Watch this video to learn more
New Email UX:
The emails our system sends out are now completely in line with outside marketing and branding standards and that team's efforts.
View an example
New Engineering Blog:
We've launched a new techie engineering-oriented blog where the tech team and our vendors / partners will be exposing the wealth of assets and knowledge at our hands. This will be an in-depth, long form outlet and posts will come weekly. It will soon be linked from the main website and marketed publicly by our crew but you can tell your friends now!
View Our Engineering Blog Here
We hope you enjoy our latest tech updates. As we continue to make upgrades to the platform we encourage you to let your voice be heard in the crowd! If you have any suggestions on how we can improve and make your overall experience even better, please let us know by leaving your thoughts and comments on our Patch of Land Ideas Portal.
