What are the primary considerations when automating loan docs, particularly complex loans?
Recently we walked through how your attorneys will remain an essential part of your team post-automation. Now, let’s consider what you should look for and expect on the other side of the equation. The most powerful commercial doc-generation solution in the industry will mean little without the backing of the right experts.
Creating the right automation solution is only possible when there is collaboration between software developers and a team of experienced attorneys. For example, GoDocs’ team of respected attorneys has decades of experience and ensures that their software produces accurate and updated, attorney-quality documents that address the critical complexities of commercial loans. By choosing an automation solution with a powerful and experienced legal team, you will be able to set your mind (and the mind of your commercial law firm) at ease by ensuring not only is the software developed by an experience software dev team but also has the backing of a powerhouse legal team.
View the White Paper Instantly
Click through to view the Commercial Lending White Paper: Synchronizing Doc Gen Automation and the Attorney Relationship. The white paper walks you through the intersection between attorneys and technology.
What should you look for in a legal team for your automation solution? Ask the following:
Is the legal team dedicated to the software only or are they sharing resources with the law firm’s legacy commercial clients?
A best-in-class software solution will have legal resources dedicated to the development of the software and the quality of the documents the software produces. Shared resources affect the success of the workflow and pull resources from one side of the business to another, etc. You will want a legal team that is solely focused on supporting software development and functionality.
How many attorneys are dedicated to software development customer support?
As you can imagine, it takes a solid team of attorneys to ensure accurate and compliant documentation across all 50 states. You need a legal team that has a disciplined and committed program to ensure compliance on all levels – legal, market, and changing economics.
What does the doc prep operations team look like? What is their level of experience?
You should be looking for a well-staffed team of experienced attorneys supported by paralegals, along with a robust customer support team. This type of comprehensive team is the only way to ensure customized documentation that is accurate, compliant, and complete.
What is the legal team’s CRE and C&I experience?
Seek a solution where the legal team that works alongside the software development team has the experience necessary to support the technology and ensure the loan docs meet all CRE and C&I requirements. You want attorneys that specialize in these areas and have firsthand experience navigating these types of loans for excellence in software development.
How is the legal team designed to develop the software needs?
The software and legal teams should have a clear and proven approach, a collaborative environment, and a solid, well-defined process for feature development, enhancements, improvements, and innovation. A top-tier solution will have a well-designed and effective technology roadmap that clearly defines the future evolution of the product and services.
How does the legal team ensure compliance across all commercial lending requirements, even as they change?
Stakeholders, such as regulators, customers, investors, borrowers, etc., are unlikely to tolerate an approach to compliance that demonstratives anything less than best practice. Best practice dictates an effective, risk-based compliance program with policies and procedures that are in place and implemented, supported, monitored, and enhanced by a top-quality legal team.
To get to this understanding, ask what their compliance program entails and how it works and, most importantly, provide them with compliance-related scenarios to understand how they are addressed. If there is a solid program in place that you can view and discuss, you will experience compliance comfort.
Schedule a custom demo to learn more about GoDocs’ digital solution for commercial loans, including Bridge Loans.
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