Lightning Docs Updates 8.14.25

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

Updated Warnings to Property Owner Section of the Interview: We have added new warnings to the Property Information page of the interview next to the Property Owner section. These new warnings are to help ensure the property owner section is completed in its entirety and will appear only under the following conditions:

When a property owner hasn’t been selected, you will see the following warning noted with a red stoplight.

If an individual property owner is selected, but the vesting has not been selected. You will see the below warning noted by a yellow stoplight.

Lastly, if the property owner section is completed in its entirety you will see the below message noted by a green stoplight.

Update to Interest on Interest section of the Note: We replaced the interest on interest section of the Note with the following to align with industry practice:
Capitalization of Accrued But Unpaid Interest. Any accrued and unpaid interest on the Loan remaining past due for thirty (30) days or more may, at Lender’s sole and absolute discretion, be added to and become part of the unpaid principal balance of the Loan.

Update to the District of Columbia Security Instrument: Updated the DC Security Instrument for purchase money loans to change “Note Amount” to “Purchase Money Amount Secured”

Change to Key Provisions section for Linear and Non-linear Prepayment Premiums: We updated how Linear and Non-Linear Step Down Prepayment Premiums are reflected in the Key Provisions Summary so the mechanics of the PPP will be reflected in accordance with the following template [Number of Years] Years Step-Down ([each PPP Percentage Identified in the interview]). The following are examples of how linear and non-linear step down PPPs would appear:
- Linear 5 Years Step-Down (5-4-3-2-1)
- Non-Linear 5 Years Step-Down (5-5-4-4-3)