Category: Construction Industry

What is a 20 Day Preliminary Notice?

In the states of Arizona and California, A Preliminary 20 Day Notice is a very important document. The document sent by suppliers, subcontractors, and other construction parties to the owners of the property.  Moreover, the document used by the general contractor to inform the stakeholders about their involvement in a project and to secure lien rights.

Is the 20 Day Preliminary Notice Special?

The  Preliminary  Notice of 20 Days is unique for both the states of California and Arizona. The rules of California and Arizona require the lien claimants to send notice within 20 days of starting a project. Starting a project includes furnishing labor or materials on a construction project. In the event of nonpayment by the claimant, the state can send a notice by filing lien mechanics.

The states of California and Arizona are not alone in the 20 Day Preliminary  Notice. Other states like Utah also need submission. The term commonly referred to as “Preliminary 20 Day Notice” to refer to construction notices.

Similar to preliminary and construction notices, this notice is also useful to inform top-of-chain parties like the general contractor working on the construction project for the property owner. Hence, This notice helps in the facilitation of telling top-tier-parties about who expected to be paid and by how much by a smooth payment process can be made.

You need to send the 20 days notice proactively, long before the arrival of the payment process. Do not wait until you receive your first invoice to pay the payment. Note this payment is only to secure lien rights for work done in the previous 20 days. Hence it is called Preliminary Notice of 20 Days for a reason. You have to understand that it is most useful to send within 20 days of the beginning of the construction work.

Why Should we Send a Preliminary 20-day Notice?

A preliminary notice required to secure Lien Rights. To ensure lien rights, both the states of California and Arizona require lien claimants to send an initial notice. For late payment Filing, a mechanics lien is the best available tool for secure payment. Hence, Before payment sending preliminary notice is the first step in this process.

Sending Preliminary Notice Speeds Up the Payment Process

After sending the notice, you will receive invoice reminders for payment due. These reminders motivate you to make a payment on time. Hence sending initial notice speeds up the amount and reduces the Day Sales Outstanding.

The California Preliminary Notice of 20 Days

All the details of the project must be included in the preliminary notices for the state of California. The state of California typically requires all the parties involved in the project like general contractors, subcontractors, material suppliers, equipment lessors, design professionals, laborers, and any other parties who wish to protect the right to file a mechanics lien send this notice.

You can prepare, send and track 20-day preliminary notices using i-Lien a construction and mechanics lien software from Golden Omega., you can order a Free Demo to make sure that our software meets all your business needs. Contact or Call us Today at (916) 939-7083 to book a demo or for more details.

Difference Between Lien Releases and Lien Waivers

Both Lien Releases and Lien Waivers used synonymously, but both are incredibly different. It is essential to understand to differentiate between them. There should be no confusion in understanding them.

Lien waiver document is very different from the text of Releases of Lien.

In this article, we explained Lien Releases vs Lien Waivers in detail.

Lien Waiver

  • It is a document used for the waiver of lien rights. A waiver of lien happens before actually filling a lien.
  • You have the right to file a lien waiver asking them to waive your lien against your property.
  • Usually, the party making payment will request the supplier, subcontractor or another party sign a lien of waiver for an exchange for cash.
  • Lien waivers work similarly to receipts. For the amount outlined in the waiver document, the lien rights waived.
  • For Example, if you pay $1,000 as lien rights payment, then $1,000 of lien rights are waived.

Lien Release

  • A lien release is a document used to cancel the lien rights that already filed.
  • After receiving payment by the claimant, it is used to release a lien claim most often.
  • This process releases the property in question from the claim of the lien.
  • A release of lien is also known as lien cancellation or cancellation of the claim.

When Do You File a Lien of Release?

  • After receiving the payment formally by the claimant, most states strictly require the claimant to release the lien.
  • As soon as you receive payment, it is better for you to release the lien if you don’t intend to enforce your claim.
  • The deadlines for releasing a lien vary state by state.
  • In the USA, many of the states release liens within 10-30 days of satisfaction or the previous date requested in the letter.
  • However, There are a few exceptions to this.
  • Some states need 60 days of satisfaction for release of lien. While some states tell that a release of lien is due immediately upon satisfaction or written request.

Conclusion

Filing construction lien waiver and lien release documents are made easy with i-Lien an intuitive, robust and simple lien writer software that helps you to prepare, mail and track lien notices. Contact or Call us Today at (916) 939-7083 to book a free demo or for more details.

How to be a Good Construction Project Manager?

Holding the job title of a project construction manager is not enough to guarantee the success of a project. All sorts of skills are used to ensure project success, along with a high rate of return. Hence, To be successful, there are five essential skills needed by a construction project manager.

1. Solid Communication Skills

  • Every activity in construction needs communication.
  • Communication is the key to the industry of construction projects.
  • With no communication, workers cannot perform to their full potential, and the success of the project completely derailed.
  • Hence, a successful construction project manager can effectively use e-mail, meetings and status reports, and software’s to communicate their ideas to make decisions and resolve issues.
  • So, with the help of communication project managers need to tailor the project discussions in a way understandable and informative to all the stakeholders of the project.

2. Task Delegation Abilities

It is quite usual that construction projects are not single employee tasks; they need a lot of workforces. So, project managers must understand the importance of teamwork. Hence, through active communication, project managers must delegate tasks to skilled workers for the ascertained project timeline.

If a project construction manager does not trust the workers under him, then the project fails. The best construction project managers delegate the tasks to the workers under them and then leave the remaining to the workers. After completion of the work, therefore the managers approach and suggest necessary measure when situations arise.

3. Organizational Skills

In construction projects, discrepancies arise between the available resources and needed resources. Project Construction managers need to reassess current projects status frequently.

Hence, they have to prioritize the tasks effectively throughout the project. So, An organized project manager never tries to be too analytical to get work done without having the available resources.

4. Problem Solving Skills

It is always best to plan for the uncertainties and contingencies of the project. Worst case scenarios are mostly unpredictable. Therefore, Project managers need to adapt to uncertain situations.

The project construction managers require problem-Solving Skills. Finally, when it comes to deadlines,  problem-solving skills are crucial in the evaluation of periods.

5. Action Oriented

A successful project construction manager must have the ability to devise and focus goals by preparing the big picture of the project. It must happen without getting more distracted by little things that discourage the problems that inevitably occur.

The unpleasant parts of the project need no avoidance and procrastination of the project. Always an effective project manager must keep breaking larger goals into smaller ones. Hence, a project manager must break the project into more manageable parts and stay driven by results.

Conclusion

With the help of modern construction technologies and software, you can make sure the project management runs smooth. At Golden Omega we do offer i-Lien a construction lien notices and mechanics lien software which is designed to simplify the task of preparing, mailing and tracking Notices. Contact or Call us Today at (916) 939-7083 to book a demo or for more details.

How to Pick the Perfect Loan Management Software?

If your loan servicing company is operating for so many years or even if it is a startup, choosing the right loan software for your business is crucial. The software manages your accounts, processes the transactions, and maintains the records and reports for your company. Each of these tasks is very difficult, expensive, and time-consuming. Once you have the best software, there is more possibility of increasing the business, improve productivity, and save a lot of time.

So how to select the right loan management software for your company? Here we are discussing the important points to consider before you pick one.

Tips to Choose the Best Loan Servicing Software

1. Business Needs

It is very crucial that the loan servicing firm must obtain an in-depth knowledge of all their internal business needs. Many of the loan servicing companies prefer the software to handle different loans with different rates; your business might need to get the daily reports also. So it is up to the business person to identify the specific needs and decide on the software.

2. Easy to Deploy, Configure and Customize

No matter what you choose, your software should be feature rich and should always be hassle free and customizable. Your loan servicing company software should be able to increase your proficiency and efficiency in handling the accounts of the company. Merely saying the software should be able to provide all the required information within a couple of clicks.

3. Reporting Capabilities

The software should be able to generate enhanced reports for the use of the company. These reports can be used to create daily, weekly, and monthly reports easily. These reports also help to identify the errors and streamline the business and increase productivity.

4. Simplistic Work Flow

The simple workflow in the software will help to enhance the organizational efficiency and manage your accounts with minimal efforts. Hence, you need to spend very less time on administrative tasks if the software is very efficient with a simple workflow.

5. Security and Privacy

In a financial loan servicing organization, you have to protect the records of personal information of all your clients and customers. You have to manage the critical and key financial information. That is why there should be an in-built security feature in the software. A famous company like Golden Omega will provide you software having the elements which need the user to enter username and password to access the records. Also, the organization restricts the data that is seen by the person.

6. User Needs

Your loan management software should have different accessibility options for users at various levels in your organization because admins or top officials may require to access the reports while other low or mid-level employees will be restricted to do specific tasks using the software. So, it is better to know the user requirements in advance.

7. Budget

It is never a point to evaluate the products that exceed your budget. So you should first decide on the budget and act accordingly. The cost is not only for the software, but it also includes the hardware, training, implementation, and even the transfer of old data into the new software. You must see that the software is well stipulated within your budget. So, There would also be additional costs related to the new modules and upgrades for the software.

8. Scalability

You should not need new software every time you expand and take your business to new heights. Hence, The software should be scalable and can be used for expansion.

9. Prompt Technology and Customer Support

If your company is a startup or experienced, always choose a software vendor who provides a 24/7 tech and customer support. Because, when there are technical problems, you need to have adequate support from the software servicing company.

Conclusion

Each loan servicing software has its capabilities and features. It depends on the company that which software is needed. The bottom line is to look for the software that compliments all the requirements of your company. The software should also be very efficient, affordable, and help you to enhance the performance of your business. At Golden Omega, you can order a Free Demo to make sure that our software meets all your business needs. Contact or Call us Today at (916) 939-7083 to book a demo or for more details.

What is Loan Servicing Software?

Loan Servicing business is made of checks, balances, due diligence, and customer relations. It is very difficult to keep together all the services in one place or application. Luckily for today’s business people, there are loan servicing software systems that support and automate all the services.

Navigation of the software is very complex and are always tricky. Many features are not needed by most of the users, so it is necessary that the users pinpoint the exact needs and align them with the specific service provider offerings.

Loan Management Software

Loan servicing software automates the life cycle of the loan. The life cycle includes originating, credit decisions, payment processing, collections, accounting, and reporting. Besides loan cycle management, the software also supports financial product creation and management.

Features of Loan Servicing Software

1. Loan Origination: Scope for creating numerous loan types with a combination of various payment types, interests, and fees.

2. Client Management: Obtain the credit score of the client by using the credit checking option.

3. Profitability and Revenue Tracking: Monitor and Report on the status of private investments.

4. Analytics: Automated report generation and the option to add the desired analytics to the dashboard.

5. Delinquency(Payment) Management: Set automated payment options and allow multiple payment methods.

6. Compliant Data Security: The software gives high security to create, store, and, share the information between client and investor.

7. Lead and Sales Acceleration: It is easy to identify the potential customer.

8. Electronic Signature: To gain the trust of the customer, you need to provide the data with electronic signatures.

9. Investor Management: You can monitor and prepare reports on private investments and funds collection.

Pricing Information

Loan Servicing software is generally tailored made according to the needs of the user or a business. This means the software is made based on the kind of loans provided to the customers and also the size of the lending company. The other features, like Marketing, document storing, and management, are the main reasons for the loan servicing software to be very costly. Most of the vendors also show demos to the potential customers and know what is needed by the client. The demo is also used to get a clear idea of the price of the product.

The prices of the software vary depending on the various needs of the client. If additional features are added, then the price of the software also increases.

Benefits of Loan Servicing Tools

The main benefits of the loan serving software include accuracy, automation, and the efficiency that they provide. Helps in automating the crucial and even the day to day routine tasks to reduce the risk of human error. The transparency in the software allows you to be informed of the business decisions taken across the entire operation.

The potential value and benefits provided by a loan servicing company can be apparent, but many issues should be considered when deciding on a system. For example, most of the loan service software provides various levels of customer relationship management, which might not be useful for the client. So it is essential to analyze the needs of the customer and decide on the software features that can be accomplished by the client.

Deciding the Software

Loan Servicing software can turn your business with efficiencies and also help the organization using your software. But it is essential to see that the service software are fit for the specific needs of the industries. Consider some important points that help you to choose the right tool that meet your business requirements.

Conclusion

Based on your business needs, you can choose a loan servicing system that automates loan processing to save time, improve productivity and sales. At Golden Omega, we offer loan servicing software and add-on modules for direct lenders, which provides the above-discussed features and benefits. We offer a Free Demo of all our products. Contact or call us at (916) 939-7083 to discuss more details or for support.

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