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      FAQ: Draw Budget Management

      This updated feature aims to better support your needs throughout the lending process.

      General FAQ's

      How do I designate the draw number for an inspection?

      When booking an inspection on the website, you can assign a draw number on the "Please provide configuration CSV for the Inspection App" step by entering it in the Draw Number field. This number will be displayed in the Homeowner’s Portal, with each draw instance appearing in a separate section, labeled with the draw designation as the title, and included in the file name and PDF report.

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      Homeowner’s Portal

      How do I schedule the next draw inspection for an outstanding property?

      To schedule the next draw inspection, go to the order dashboard and click on "Add Inspection" for the respective address. Inspectify automatically carries forward the scope from the most current draw inspection. If you need to review or modify the scope, click on "Download Template.csv". Please be sure to re-attach the updated scope file before clicking "Add Inspection".

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      Order Dashboard

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      Add Inspection Modal

      Draw Budget Summary

      Who is able to update the Draw Summary table?

      Only team members who are logged in can edit the draw summary table. If a user is not part of the team, the table fields will not be editable.

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      Editable Draw Summary Table

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      Non-editable Draw Summery Table

      Will the changes be reflected in the body of the report?

      Yes, when disbursements are updated, the corresponding Current Disbursement fields in the related draw items will also be updated in the report.

      Note: The Progress % in the report body will retain the original assessment provided by the inspector. However, the progress reflected in the Inspection Scope table will update based on the Current Disbursement amount.

      Will the updates be reflected in the next draw inspection?

      Yes. Any updates made will be retained in the next draw report, provided the same draw items are included in the scope of the next inspection.

      What happens to the disbursement values when the scope is modified between inspections?

      If an update is made to either the "Item" or "Description" fields of a particular draw item in the CSV file, our system will treat that particular draw item as a new item and set the previous disbursement for that item to $0. Any updates made to the "Item Budget" field in the CSV file will not impact the previous disbursement amounts.

      Example Calculations

      • Item Budget = value on CSV / # of units
      • Previous Disbursement =
        • Current Disbursement from the last inspection instance + Previous Disbursementfrom the last inspection instance
      • Remaining Balance =
        • Item Budget - Previous Disbursement
      • Progress =
        • Defaults to value set by inspector
        • If Current Disbursement is modified from original value =
          • (Current Disbursement + Previous Disbursement) / Item Budget
      • Current Disbursement =
        • (Item Budget * Progress) - Previous Disbursement

       

      Note: Updating the current disbursement will recalculate the progress percentage.

       

      Have further questions? Our team is happy to help!