Lightning Docs Update

We have issued an update to the system that modified the following:

BIG NEW FEATURE: Deferred Payments

• We have received numerous requests to create a deferred payments feature allowing the borrowers to not make interest-only payments for the duration of the loan and instead adding all of these payments to the back of the loan to be paid at loan maturity.
• To use this feature:

1. 1. You must enable “Defer Payments to Maturity” under Permissions to see this functionality in the loan interview.
   2. In the actual loan interview the user will see “Defer Payments to Maturity” under “Standard Loan Terms” assuming they enter an interest-only loan (a loan in which the loan term matches the interest-only payment feature). The user will need to choose whether to:

(a) add the deferred payments to the principal loan balance each month, and compound interest, on the new principal balance monthly (charging interest on the deferred interest payments), or

(b) to simply add the deferred interest payments to the loan payoff without charging interest on the deferred interest payments.

Updates to Florida Foreign Principals Affidavit

• Update to FL Foreign Principals affidavit and notice which differentiates the notice based on whether the borrower is an individual or entity and other formatting related changes.

Hawaii Personal Property Coversheet

• A new form has been added to the document stack (and language in the Lender’s Instructions) whenever there is at least one property in Hawaii, and there is also either a collateral security agreement, or an equity pledge (UCCs). This form is to be submitted to the Hawaii Department of Taxation and provides extra assurance that tax liens, if any, will not take priority over the lender’s rights in the UCC security.

Add Broker and Other Fees Dropdown

• In the Broker Fees and Other Fees section in the Settlement Statement portion of the interview, add one additional dropdown selection in the comments column for “Send Payment Directly to Payee”

Maryland Security Instrument “Purchase Money”

• We have added language to the Deed of Trust for the state of Maryland to identify it as a “”Purchase Money”” transaction such that it will prove that no recordation tax will be due, and it will maintain lien priority over existing judgments with respect to the property. Users will be asked an additional question during the interview if the property state identified is Maryland to understand whether the funds are being used to purchase the property.

Ohio Signature Block for Individuals

• Add an additional notary block for use by Individuals