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.

Lightning Docs Update

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

Numerous Style Changes Made

• Upon a thorough review of language with outside attorneys, we made numerous changes to strengthen language throughout the Loan Agreement, Note, and Security Instrument primarily related to Assignments of Leases and Rents, and Cross Default. Redlines available upon request.

Lightning Docs Update

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

Expand Options Now Available for Non-Owner Occupied Certificate

• Updated the Non-Owner Occupied Certificate such that when there are multiple properties and at least one is identified as owner-occupied, the remaining properties are identified as the “Primary Collateral”

Updated ACH and Note for Business Purpose Language

• Added a sentence to each the standard Geraci ACH and the Note for borrower’s representation that the account was opened for business purposes

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

Lightning Docs Update

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

1. Nebraska, along with other states, have enacted restrictions on certain foreign nationals purchasing property near sensitive areas. For transactions in Nebraska, we are now populating an affidavit of borrower confirming they are not in violation of Nebraska law.