User Resources

Lightning Docs Updates 7.10.26

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

• *New Feature* Produce a Separate Guaranty for Each Guarantor: We have enhanced the available options for Guaranties so you can elect whether to create a separate Guaranty for each Guarantor. On the Guaranty screen, you will now see the below question appear at the the very top of the page.

• As part of ongoing outside counsel reviews, we have made the following amendments:
  • Agreement (all states):
    • Force Majeure Event definition.  To provide Lender greater protection, we have added language that requires Borrower to take reasonable steps to mitigate the effects of an event, and to provide timely notice to Lender.
    • Construction loans only.  Use of Construction Reserve Proceeds section expanded to add language regarding Lender’s right to retain the Construction Reserve until certain conditions are met to Lender’s satisfaction.
  • Security Instrument (Texas only) :
    • Acceleration and Sale on Default section expanded to include public auction timing requirements, in accordance with local practice.
  • Guaranty (Texas only):
    • Waiver section has been expanded to conform to local practice, with the addition of applicable sections of the Texas Property Code.

• West Virginia Updates: As part of an annual review by outside local counsel, we have made an update to the Security Instrument, Non-Uniform Covenant of Acceleration and Sale on Default to specifically reference the applicable West Virginia Code sections.

Lightning Docs Updates 7.2.26

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

• *New* Loan Servicer: We have added Petra Loan Servicing Corp to the loan servicer dropdown. Their ACH authorization form has also been added and is now available for use.

Lightning Docs Updates 6.26.26

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

• Updates to the District of Columbia: We are making updates related to the District of Columbia based on a review by local counsel.  The updates include changes to the wording of “state” to “jurisdiction”.  Also, we are updating certain mailing addresses to include the abbreviation “D.C.” instead of the District of Columbia.
• Updates to Ohio Security Instrument: We are updating language for the recording section of Ohio recordable instruments to be consistent with the Ohio cover page.  Both pages will include a “Prepared by and when recorded return to:” statement.
• Updates to the Florida Foreign Principals Affidavit: We have updated programming for the affidavit(s) attached to the Florida Foreign Principals notice. The affidavit(s) will reflect the applicable signer, with the wording indicating either an individual or a representative of an entity.

Lightning Docs Updates 6.12.26 (Part II)

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

• New Feature *Additional Impounds*: Users can now add impounds for the following tax types:
  • City TaxesCounty TaxesSchool TaxesTown TaxesVillage Taxes
  
  
  To use this feature, it must be enabled on the Permissions page of a scenario. Once the feature is enabled, the additional tax types will be available when creating impounds.

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.