Lightning Docs™, the Official Loan Documents of the American Association of Private Lenders®, has officially announced the launch of its Lightning Docs 2.0 platform, which is a comprehensive development project capable of empowering clients with successful API connections to enhance and expedite their processes.
According to certain reports, the stated platform is designed to streamline the drafting of document packages for thousands of business-purpose loans across various states.
More on the same would reveal how Lightning Docs 2.0. offers features like preparing table-funded, white-label, and correspondent loan documents. Furthermore, it allows for users to effortlessly create complex loan transactions involving multiple properties, borrowers, guarantors, and lenders across state lines, and it does that all within a single transaction.
Talk about the solution on a slightly deeper level, we begin from its API, where Lightning Docs 2.0 permits the use of true API technologies so to eliminate the need for users to leave their loan origination systems (proprietary or commercially available). Complimenting this would be a facility to produce loan documents at just click of a button.
As for the system integrations here, they include Salesforce, Encompass, The Mortgage Office, LendingWise, Liquid Logics, Mortgage Automator, and Elphi.
Next up, we must dig into Lightning Docs 2.0’s Customizable Loan Product Templates that bestowed users with an ability to set up unlimited defaulted loan scenarios at the user level. An example relaying the same would be a fix and flip loan and a DSCR loan template where users can default the answers to questions and show/hide questions. Alongside enjoying the means to create unlimited loan products in their system, users can also remove keystrokes, and reduce the potential for errors.
“Lightning Docs 1.0 demonstrated our ability to deliver law firm-quality documents to mortgage lenders online. With 2.0, we have taken significant strides to ensure that our best-in-class documents are more accessible and efficiently produced using cutting-edge technology. With over 200 active users, including more than 60% of the top 50 largest private lenders in the country, and handling more than 3,000 private lender loans each month, it was essential for Lightning Docs to evolve alongside our clients’ needs. We are proud to say we have fulfilled that promise,” said Nema Daghbandan, CEO of Lightning Docs.
Then, there is the solution’s user centric design, which brings to the fore an intuitive, user-friendly interface that can greatly simplify navigation and enhance the user experience.
Another detail worth a mention here is rooted in the solution’s robust compliance engine. You see, this engine is what allows Lightning Docs 2.0 to offer first-to-market detailed compliance warnings with every single every loan, thus notifying users of potential licensing, usury, prepayment penalty restrictions, and more.
Moving on, you can also access a library containing all features. This translates to how users can leverage numerous features and customizations to the loan documents, including revolving lines of credit, bridge to perm documentation, numerous holdbacks, and reserves specific to private lenders. They can even access features like deferring of origination and broker fees, cannabis-specific loan documents, MERS compliant docs, SNDA’s, Intercreditor Agreements, 360/Actual, 365/Actual, and plenty more.
Rounding up highlights would be Lightning Docs 2.0’s audit/version control facility. Here, you will basically receive individual user accounts, including version audit control, to understand who, what, and when changes occurred in the loan interview. Furthermore, each company user will have access to all company files, meaning employees can edit freely and independently of each other all while maintaining visibility of any changes made.
Among other things, we ought to mention that the solution in question was initially developed for Geraci LLP, the nation’s leading private lending law firm, meant to help the organization drafting of document packages for thousands of business-purpose loans across various states. You see, in response to a lack of commercially available solutions tailored for private lenders, the attorneys at Geraci LLP, in essence, created a platform well-equipped to conceive complex, legally compliant results, as well as mirror the analytical capabilities of their highly trained legal team.
