We have issued an update to the system which modified the following:
- Updates to PA loan documents related to confessions of judgments
- Expansion of language in representations and warranties sections in Loan Agreement
- Modification to Lender’s Instructions related to title insurance requirements and form of acceptable endorsements
Additional Notifications:
New York
New York as many of you know is the most challenging loan closing state in the country largely driven by the fact that the lender must be represented by an attorney at the closing table. Additional warnings have been now provided in the system stating that Lightning Docs can prepare the loan documents for loans in New York, but you must always consult with your New York attorney to determine what additional documents should be used in the state. This is particularly true for construction loans and refinance transactions. Should you need a referral for a bank attorney in New York please reach out and we will provide you with our preferred law firm in the state.
Warning Example:
California Law
Similarly, you may have noticed that there are new warnings for clients who choose to use California Governing Law in transactions, notifying them that they may not be able to charge default interest unless there is a maturity default. The warning requires the user to continue to choose to use California governing law. If you have any questions about the warning, please reach out and we can connect you with one of our attorneys for guidance.
Warning Example:
