Lightning Docs Updates 3.6.26

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

• Update to Texas and Florida Notary Acknowledgements: We have updated the selection for notary acknowledgments for Florida and Texas. Instead of providing multiple options, for most documents the notary certificate will now populate based on the party that is signing the document.  
• *New Feature* Loan Servicer Account Number: We have added the ability to include loan servicer account numbers on the First Payment Letter. This feature is hidden behind a Permission and will need to be enabled in order to view in any future interviews. Please reach out to support@lightningdocs.ai should you need assistance enabling this feature!

Lightning Docs Updates 2.27.26

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

• Update FCI Loan Servicing Compliance Form: We’ve updated FCI’s Loan Servicing Compliance Form to the latest version available, ensuring we’re aligned with the most current requirements and standards.

Lightning Docs Updates 2.20.26

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

• *NEW* Ability to add Multiple Collateral Assignments: Currently, Lightning Docs only allows for the collateral assignment of a single contractor and/or design professional agreement. After the update, users can now create multiple collateral assignments of contractor and/or design professional agreements for a single transaction.
  ***PLEASE NOTE THAT THIS FEATURE WILL ONLY BE AVAILABLE IN THE FOLLOWING INSTANCES: ***
  
  (A) NEW TRANSACTIONS
  
  OR
  
  (B) ALL INFORMATION CONCERNING THE CONTRACTOR/DESIGN PROFESSIONAL IS DELETED FROM THE INTERVIEW AND YOU EXIT AND REOPEN THE TRANSACTION.
  

• Update to MERS Language in Assignment: In Assignment to MERS, the following language referencing the note will be removed: “including obligations owed under that certain Secured note (together with any amendments thereto, the ‘Secured Note’).”
  

• New Provision in Loan Agreement – “Payments to Lender”:  It has come to our attention that some users are accepting payments from sources other than the Borrower, Guarantor or any other party that may be obligated to make payments under the Loan Documents (“Non-Obligated Payor”).  This practice may have consequences in the event the Non-Obligated Payor files for bankruptcy, including the bankruptcy trustee taking action against the lender to claw back the payments made by the Non-Obligated Payor to the lender.  The trustee could allege that the payments were fraudulent transfers among other claims.
  
  In order to address this issue and to provide protection to lender, we have added a provision to the Borrower’s Representations and Warranties section of the Loan Agreement (see text below).  Please note that this provision has not been litigated, so there is the possibility that the lender still may be ordered to disgorge the funds.

• Payments to Lender.  Any funds paid on behalf of Borrower, Guarantor or any other party obligated to make a payment to Lender under the Loan Documents (as used in this Section individually an “Obligated Party” and collectively, “Obligated Parties”) by anyone other than the Obligated Parties toward satisfaction of any Secured Obligations may be (1) accepted by Lender, (2) applied in the same manner as though paid by an Obligated Party, (3) be considered by the Obligated Parties, the payor, and Lender as a gift from the payor to the applicable Obligated Party, (4) considered by Lender and the Obligated Parties as if it were paid by an Obligated Party, and not any third party, and (4) create no relationship between the payor and Lender.

Lightning Docs Updates 2.13.26

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

• Update to Missouri Notice: Missouri requires a notice to be provided regarding the unenforceability of oral or unexecuted agreements or commitments. (Missouri Rev. Stat. §432.047) This notice was previously provided in the Security Instrument but will now be provided in both the Loan and Security Agreement (following the Integration section) and the Note (in the Notice section). This is being updated to more closely follow the Missouri requirement of providing the notice with the Credit Agreement. 
• Additional language in our Lender’s Closing Instructions, Additional Requirements Section: The following language was added to the Additional Requirements section of the Lender’s Closing Instructions to clarify that the closing agent must satisfy all requirements identified in the title report:
  
  “All requirements listed in the Title Report, including, but not limited to, all items appearing on Schedule B, Part I, must be satisfied and may not appear as exceptions on the Title Policy.”
  
  This language will adjust to “Schedule C” for properties located in Texas.
• New Jersey Notary Acknowledgment Update: We have added a new option under the New Jersey notary acknowledgment for individuals. This will now be provided as an option in addition to the notary acknowledgment for an Entity in a Representative Capacity.

Lightning Docs Updates 2.6.26

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

• Update to Default Endorsements in our Lender’s Closing Instructions:
  We have removed the default request for an ALTA 22 from the Lender’s Closing Instructions when all Collateral Property is 1 – 4 Single Family Residential in Pennsylvania. This was done to more accurately reflect the available endorsements in Pennsylvania. The ALTA 22 is not available in Pennsylvania for 1 – 4 Single Family Residential.