Lightning Docs Updates 5.29.26
We have issued an update to the system that modified the following:
- New Option to Attach a Schedule of Release Prices: We have added an additional option for users to attach a schedule of release prices in conjunction with partial releases as described below.
- If you select “Insert a table with release prices” in the dropdown of responses for “Minimum Release Price Calculation Method” in the Property Information section of the interview, a new question will appear where you can indicate that you want to attach a separate Schedule of Release Prices rather than using the table that appears in the Loan Agreement.
- If you opt to attach a separate Schedule, a textbox will appear that will allow you to manually enter the information as you would like it to appear in the attached Schedule. Please note that you will not be able to format the text into a table in the textbox. Other than line breaks entered in the textbox, the text will appear unformatted in the loan documents. If you do not enter any text into the textbox, a placeholder page will be inserted after the Loan Agreement with the title “Schedule of Release Prices” at the top.
- If you select “Insert a table with release prices” in the dropdown of responses for “Minimum Release Price Calculation Method” in the Property Information section of the interview, a new question will appear where you can indicate that you want to attach a separate Schedule of Release Prices rather than using the table that appears in the Loan Agreement.
- Updates to New York Building Loan Agreement, Lien Law, Section 22 Affidavit: We have updated the New York Building Loan Agreement, Lien Law, Section 22 Affidavit to (a) better match the borrower statement with each option under the borrower structure; and (b) improve the display of the loan costs table, including the loan amount.
