Lightning Docs Updates 6.12.26

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

• New Feature *Amortization Schedule*: We have added a feature for amortized loans (partial and full) where the user can elect to include an amortization schedule that is created in Lightning Docs. To use this feature, it must be enabled on the Permissions page of a scenario.

If the user elects to include an amortization schedule, the following will occur:

1. A reference to the Schedule will appear in the Key Provisions Summary.
2. A reference will be added in the section of the Note concerning monthly payments, and if applicable, the section of the Note concerning the Balloon Payment.
3. The Schedule will appear after the Note.

The amortization schedule feature is not compatible with the following:

1. Lines of Credit.
2. Loans with Non-Dutch interest for reserves.
3. Loans where interest is being paid in advance and not in arrears.
4. Loans where the Maturity Date does not match the final normal monthly payment date.
5. Payments are interest only for the full loan term.
6. Loan with step interest.

• Defining “Title Company” and “Closing Agent” in the Lender’s Closing Instructions: The defined terms for “Title Company” and “Closing Agent” have been updated within the Lender’s Closing Instructions. This enhancement provides additional clarity regarding which party is responsible for reviewing and initialing each section of the instructions. The revised definitions are intended to help ensure consistent interpretation of the document and reduce potential confusion during the closing process.
  • No changes have been made to the substantive requirements of the Lender’s Closing Instructions. This update is limited to clarifying the roles and responsibilities associated with the initialing requirements throughout the document.