Lightning Docs Update

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

Yesterday, we sent a standalone e-mail letting you know we made substantial updates to the Loan Agreement and Security Instrument primarily related to Cross Default and Assignments of Leases and Rents. Redlines available upon request.

Additionally, the following changes have been made and are now live:

1. Georgia Security Instrument and other recordable documents. Georgia requires that documents be witnessed and attested to by 2 parties – one of which must be an official one (notary) in order to record them. However, GA does not require that they be acknowledged by the notary. In order to avoid confusion, we added “Attest” above the witness signature blocks and removed the acknowledgement.
2. Texas Security Instrument – we updated the Substitution of Trustee provision in accordance with advice from local counsel. It includes more generalized terms rather than specific acts that must be performed.
3. Texas Homestead Certificate – we updated the definition of “Borrower Affiliated Party” to match the language in our standard Certificate of Non-Owner Occupancy.
4. Added option to use Foreign National Equivalent of W-9 form. By request by a few of our users, we added a question on borrower page to ask “Is Borrower a Foreign National” but this question will ONLY be asked if Borrower was selected to be an individual. If YES, and a W-9 is selected later in the interview, then instead of the W-9 form, produce a W8-BEN form instead for that borrower.
5. We added two additional entity types to the interview – Limited Liability Partnership and Professional Limited Liability Company. The LLP will act similar to a general partnership and the PLLC will have the same interview as LLCs

Please note that there was a beta test feature for SNDA/Tenant Estoppels that was accidentally released in yesterday’s update and you will now see the question “Are there, or will there be, Tenant Documents associated with this loan?” showing up in the Property Information Dialogue. Please do not use this feature and make sure the answer remains “NO” to this question. This question will be removed this week in a patch update until this feature is ready for general release.