Q1 New Product Enhancements Spotlight
C&I - Seamless Conversion from Revolving Line of Credit to Term Loan
We’ve made significant progress with our C&I product, introducing a powerful new feature that enhances loan flexibility. C&I users can now create loan document packages where a Revolving Line of Credit (RLOC) transitions seamlessly into a Term Loan. This eliminates the need for manual adjustments during conversion, streamlining the documentation process for both lenders and borrowers.
Why this matters: This feature simplifies complex loan structures, making transitions more efficient and reducing the potential for errors. It’s a smarter, faster way to manage evolving financing needs
CRE - Financial Covenant Customization Tool
Managing financial covenants just got easier and more precise with the introduction of our Financial Covenant Customization tool. This feature allows users to define, adapt, and customize financial covenants to meet the unique terms of each loan agreement.
Why this matters: Lenders now have more control over structuring and monitoring financial covenants, ensuring compliance while accommodating the dynamic nature of financial agreements.
CRE - "Create Multiple Guaranty Documents" Setting
We are excited to introduce the new “Create Multiple Guaranty Documents” lender setting for CRE loans. When enabled, this feature gives you the ability to:
- Order individual guaranty documents for each guarantor.
- Update recourse provisions for each guarantor with greater precision.
Why this matters: This update provides unmatched flexibility in managing guarantor obligations, empowering lenders to tailor documentation to specific scenarios and ensuring absolute clarity for all parties
Third-Party Fee Owner Updates
In alignment with state-specific requirements and customer feedback, GoDocs has enhanced the capabilities of its Third-Party Fee Owner (TPFO) features. These updates ensure that:
- Legal compliance is achieved across jurisdictions with unique state-specific provisions.
- TPFO options are now available as part of Standard Support within the platform.
Why this matters: This enhancement provides peace of mind for users handling TPFO-related transactions, with assured compliance and streamlined processes.
Q1 Compliance Updates
CRE – Oklahoma Update: As part of our ongoing efforts to ensure that our documents are comprehensive and compliant with state-specific regulations, we have added an Exemption Reference to the Oklahoma Mortgage and the Oklahoma Recordable Amendment to Mortgage when the transaction is marked as a “Purchase” for CRE Loans. That same Exemption Reference has been added to our ModDocs products for the Recordable Amendment to Mortgage.
CRE – CA Balloon Payment: GoDocs has made a compliance enhancement to the Balloon Payment Disclosure when the property state is California.
CRE – GA Waiver: GoDocs has made a compliance enhancement to the Guaranty when the property state is Georgia to include a waiver of O.C.G.A. § 44-16-161.
CRE – NM Marital Status: GoDocs has made a compliance enhancement to include the Mortgagor’s marital status in the New Mexico Mortgage and standalone Assignment of Leases and Rents when the Property County is Dona Ana.
CRE – MA Non-Signing Spouse: GoDocs has made a compliance enhancement to include a Non-Signing Spouse execution paragraph to our Massachusetts Mortgage and standalone Assignment of Leases and Rents when the Property State is Massachusetts.
CRE – ME and MERS: GoDocs has made compliance enhancements to the Loan Agreement, Note, Mortgage, and standalone Assignment of Leases and Rents, specifically for transactions involving collateral property in Maine where Mortgage Electronic Registration Systems, Inc. (MERS) is involved.
TN CRE Compliance: To comply with Tennessee Recording Tax regulations, GoDocs has made the following update in which a declaration will now appear prominently on the first page of the Tennessee standalone Assignment of Leases and Rents: “MAXIMUM PRINCIPAL INDEBTEDNESS FOR TENNESSEE RECORDING TAX PURPOSES IS $__________.”
Upcoming Product Enhancements
Small Business Association Loans
Support for SBA 7(a) and 504 loan document automation. Designed to simplify and streamline the lending process, our solution will ensure fast, compliant, and efficient document generation for SBA-backed loans.
Inclusion of an Alternative Dispute Resolution Provision
Enhancement of the loan agreement for C&I and CRE to support an Alternative Dispute Resolution Provision.
Did You Know?
Unlock the Power of GoDocs LegalNet™
At GoDocs, we’re constantly striving to simplify the complex world of commercial lending for you. Did you know that our platform offers more than just powerful loan document generation? We’ve built GoDocs LegalNet™, a comprehensive legal ecosystem designed to be your “one-stop” solution for various legal services across all 50 states!
What is GoDocs LegalNet™?
GoDocs LegalNet™ is a trusted and vetted network of third-party law firms, seamlessly integrated with our loan document generation platform. This allows you to access a wide range of legal services directly through GoDocs, streamlining your workflow and ensuring compliance.
Here’s how LegalNet™ can benefit you:
- Fixed-Fee Legal Services: Gain cost predictability with our fixed-fee options for various legal needs.
- Guaranteed Service Level Agreements: Experience peace of mind with our commitment to timely and efficient service.
- Streamlined Automated Ordering: Easily order legal services directly through the GoDocs platform.
- Continuous Progress Monitoring: Stay informed with real-time updates on the status of your legal requests.
Services Offered through LegalNet™:
- Entity Review
- Local Counsel Review
- Title, Escrow, and Closing Instructions
- Survey Review
- Attorney Closings
- Responding to Borrower’s Counsel Comments
- Customer Drafting and Negotiations
- Other Legal Services
Did You Know? About 25% of our orders in 2024 included add-on LegalNet™ services! This demonstrates the growing popularity and value our customers find in this integrated solution.
Flexibility is Key: Remember, GoDocs LegalNet™ is designed to complement your existing processes. You can still:
- Send documents to your internal counsel.
- Utilize your own preferred attorneys.
GoDocs LegalNet™ is simply another powerful tool in your arsenal, providing you with the flexibility and resources you need to succeed.
Want to learn more? Contact your GoDocs representative or visit our website to explore the full potential of GoDocs LegalNet™!
GoDocs News
Listen to GoDocs' Monthly Market Minute Podcast
Tariffs, Trade Wars and Renewed Inflation Concerns (Oh My!)
As we move through 2025, the economic landscape has already started to shift in unexpected ways. Tariffs, trade tensions, inflation, and even changes in the political climate are all playing a significant role in shaping our financial outlook. But with uncertainty comes opportunity, and in our latest episode of the GoDocs Monthly Market Minute, Ren R Hayhurst, VP of Strategy at GoDocs and Keith Mayer, VP of Product Management at GoDocs dive deep into how these macroeconomic surprises are influencing everything from interest rates to real estate markets.
GoDocs Leadership Insights
Managing Multiple Guarantors in Loan Documents
by Tucker Wade
While guarantors are essential in mitigating risk for lenders, managing multiple guarantors with varying levels of responsibility and recourse can present significant challenges when creating loan documents.
The Impact of Loan Maturations on Commercial Lenders
As we look toward the coming year, one of the biggest challenges commercial lenders will face is the significant wave of loan maturities.
Q1 Additional Product Enhancements
- Pricing Update – Local Counsel:
- Effective February 1, the pricing for our Local Counsel Review Services will be adjusted as follows:
- Non-Rush Orders: The new pricing will be $305.
- Rush Orders: The new pricing will be $550.
- Effective February 1, the pricing for our Local Counsel Review Services will be adjusted as follows:
- UI Update:
- In response to customer feedback, we have updated our UI to streamline the process and make it more intuitive for users. One of the key changes is the relocation of the Recourse to the Borrower Page within our platform. This update is designed to improve navigation and make it easier for you to access and manage borrower information.
- Construction – TPFO:
- GoDocs is excited to announce an important update for Construction Loans that addresses a common scenario involving Third-Party Fee Owners. In these cases, the Non-Borrower/Sole Owner pledges their sole ownership interest in the subject property as collateral for the loan to the related Borrower party. This update is designed to enhance the clarity and effectiveness of our documentation process.
- New Global PPP Option:
- GoDocs had added a new Lender setting that when turned on, the user has the option to calculate the Prepayment Premium based on the Original Principal Amount of the loan. This represents a shift from the traditional methods of calculating the PPP, which were based on (i) The Amount of Prepayment, or (ii) The Balance of the Loan Prior to Prepayment.
