We have issued an update to the system that modified the following:
- Updated First Payment Letter: The First Payment Letter has been significantly updated. These updates include:
- Automatic First Payment Calculation. Previously the first payment amount had to be manually entered.
- The First Payment Calculation works for all interest calculation methods.
- If there are any monthly impounds or servicing fees specified, then these will be shown on a table as a breakdown of what is included in the payment.
| Interest | $1,000.00 |
| Monthly Servicing Fee | $99.00 |
| Monthly Property Tax Impound | $111.00 |
| Monthly Property Insurance Impound | $222.00 |
| Monthly Flood Insurance Impound | $333.00 |
| Monthly Capital Expenditure Impound | $444.00 |
| Total Payment | $2,209.00 |
- New York UCC Forms: The New York specific UCC form is now available. New York is the only state that requires the use of its unique UCC forms. The form populates whenever a user is creating a Collateral Security Agreement, an Equity Pledge Agreement, or a Fixture Filing for the real estate collateral. These populate as separately downloadable documents for filing with the Secretary of State or in county records as a fixture filing.
- Changes to Defined Terms in Exhibit “A” for UCC-1: The collateral exhibits to each of the UCC-1 documents have been updated to replace the word “Lender” with “Secured Party”. We replaced the phrase “Security Agreement” with “Ownership Interest Pledge Agreement” within the collateral exhibit specific to the Ownership Interest Pledge Agreement. This was done to improve clarity and consistency.