The Request: Deploying Different Tiers of Deferred Origination Fees
A major nationwide private lender was rolling out an updated pricing model that would enable tiers of origination fees on specific loan products. Ideally, this feature would allow a Borrower to defer the origination fee by 50 to 100 percent. The Lender needed to properly document this concept in their loan documents given the pricing, accounting, and state-specific implications of deferred origination fees.
The Lender needed a solution that was able to ensure a rapid time-to-market for this new key offering, mitigate risks and deliver on compliance.
The Solution: GoDocs Delivers a Fast & Flexible Loan Document Customization
GoDocs’ Legal, Product, and Operations teams collaborated closely with the Lender’s Legal, Business, and Technical teams to integrate the deferred origination fee specifications into their custom GoDocs loan packages.
By utilizing GoDocs’ features and its thorough approach to lender customization, the new fee option was seamlessly integrated into the Lender’s products within one week.
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The Results: Revamped Offerings
Thanks to these efforts the Lender successfully introduced this pricing structure empowering their borrowers to optimize their purchasing power and lower their closing costs. From the Lender’s perspective, this provided them with a significant differentiator in the marketplace.
The Lender’s General Counsel was particularly pleased with the project, citing GoDocs’ speed, language recommendations, and dedication to partnership as key factors in the success of the implementation.
GoDocs: Empowering Lenders
At GoDocs, we believe that document customization should be easy to implement without adding complexity. With document customization available to all customers, our team can quickly and flexibly incorporate lender-specific intricacies into the GoDocs solution. This flexibility is crucial in the loan closing process, as it ensures that our solution can manage the lender’s document requirements while also minimizing risk.
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