FAQ

Answers to Frequently Asked Questions

The Loan
Documents

What kinds of loan documents does GoDocs prepare?

GoDocs prepares loan closing documents for:

  • Multifamily loans
  • Commercial real estate loans
  • Business purpose loan secured by 1-4 unit properties
  • Loan modifications, extensions, and assumptions

We plan to add commercial and industrial (C&I) loan documents to our product offerings in 2021.

Do your documents comply with each state's legal requirements?

Yes. GoDocs offers legally compliant documents for all fifty states.

What documents are included in a GoDocs document package?

GoDocs document packages include all of the loan closing documents and disclosures required for the specific transaction terms and and to satisfy each customer’s requirements. Every document package includes, at a minimum, the following documents:

  • Loan Agreement
  • Promissory Note
  • Mortgage or Deed of Trust
  • Assignment of Leases and Rents (included in the mortgage and, at customer’s option, also in a separate document)
  • Fixture Filing Financing Statement (included in mortgage)
  • UCC-1 Financing Statement for secretary of state filing (no-cost option)
  • Environmental Indemnity Agreement (included in the loan agreement or, at customer’s option, in a separate document)
  • Guaranty
  • Borrowing Authorization (for LLC and LP borrowers), Corporate Resolution (for corporate borrowers), or Trust Certification (for trust borrowers)
  • Any other documents or disclosures called for by state law

We have a multitude of additional documents we can produce, depending on the terms of the transaction and customer preferences.

Can I get a sample set of loan documents?

We don’t have an “off the shelf” sample document package. That’s because each set of GoDocs loan documents generated by our platform is assembled clause-by-clause, taking into account many factors, including each customer’s settings, preferences, type of loan, transaction terms, and property location. So it is literally impossible for us to provide a representative sample document package until we have set up our platform for a customer’s specific requirements.

Once a contract is in place and setup is complete, new customers may order a complimentary sample document package to their exact specifications.

Can your documents be customized to incorporate specific clauses or additional documents we require?

Absolutely! We can satisfy most customer requirements with options already built into our system. If you require further customization or additional documents, we are happy to oblige.

If we need the loan documents to be customized to meet our business and legal requirements, how does that process work?

Here is how that process works:

  • After the initial setup process is complete, log on to our customer website and order a complimentary sample document package.
  • Review the sample document package and determine which areas require customization.
  • Provide LDS with the exact language changes you desire to specific clauses, and any additional clauses you would like us to add. 
  • If you have lender-specific documents you would like for us to include in your document packages, send those documents to us in Word format.
  • Our IT team will customize our platform as necessary to accommodate your requests.
  • We will then generate a second sample document package for your final review and approval.
  • If another round of “clean-up” changes is required, we will make those changes and generate another sample document package incorporating those changes.
We already have our own set of loan document templates. Can you code those into your system and produce our documents using those templates?

No, we don’t offer that option. For one thing, the task of encoding third party templates into our system would be monumental. Moreover, if we used your templates, you would not enjoy all of the incredible flexibility and capability to handle countless scenarios, that has been built into our platform over more than two decades of development.

But don’t worry, our platform and templates are so flexible that they can be customized to meet your requirements. We have never had a single customer whose requirements we could not satisfy through customization of our platform.

Can we purchase document templates from GoDocs that we can use to create our own documents?

No. For one thing, we don’t have templates in the usual sense of the word. Each set of documents we prepare is assembled clause-by-clause for each transaction based on transaction terms, property location, and customer preferences. So it’s just not possible for us to create an “all-purpose” template.

Can we use a document package prepared by GoDocs as a template for preparing similar document packages in the future?

No. GoDocs is a software company whose software generates documents on a per-transaction basis. GoDocs does not sell its software, documents, or document templates for reuse by customers, lenders, attorneys, or any other party. Our terms of service strictly forbid the use of any document prepared by GoDocs as a basis for preparing other documents or loan document packages on a transaction other than the specific transaction for which the documents were prepared. We vigorously enforce this prohibition to the fullest extent of the law. In addition to any other legal remedies, a $5,000 unauthorized use fee applies for each document prepared in violation of this prohibition.

Support
Options
What support options are available and how do they differ?

We offer two support levels:

Standard Support

  • A fully-automated solution.
  • Includes unlimited help center, email, and telephone support.
  • Documents are generated when the order is submitted and are available for immediate download.

Premium Support

  • Includes unlimited help center, email, and telephone support.
  • A dedicated document specialist is assigned to each order (two dedicated document specialists are assigned for more complex orders).
  • After the order is submitted, an assigned document specialist will review the data entry, correct any obvious errors, and contact the customer with any questions or concerns.
  • The document specialist generates the documents, incorporates any special instructions or custom provisions, then gives them a thorough final review before delivering the documents to the customer.
  • Premium support allows for one-off and custom provisions.
  • The typical turnaround time for premium support orders is next business day by 1:00 pm Pacific Time for orders submitted by 1:00 pm Pacific Time on a business day. Orders with special instructions or unusually complex terms may take longer.
Pricing
How are document package prices determined?

Document package prices are based on the loan amount and the customer’s subscription plan. Our Blue Plan offers our standard document package prices.

These plans offer increased savings for higher volume customers:

  • Silver Plan offers 7.5% savings versus Blue Plan prices.
  • Gold Planoffers 10% savings versus Blue Plan prices.
  • Platinum Plan – offers 12.5% savings versus Blue Plan prices.
  • Diamond Planoffers 15% savings versus Blue Plan prices.
How do we decide which subscription plan is best for us?

The best subscription plan depends on the total annual charges incurred for document packages.

We have calculators to help new customers select the best plan based on their projected loan volume. Please contact us and we will go over these calculators with you to help you choose the plan that will provide the lowest possible annual cost.

We can provide existing customers with their past order volume and help them evaluate whether a different subscription plan would be likely to provide better pricing.

Here are guidelines for selecting the best plan based on anticipated annual spend amounts:

  • Blue Plan – the best choice for customers who anticipate less than approximately $30,000 annual spend on GoDocs document packages over the next 12 months.
  • Silver Plan – the best choice for customers who anticipate approximately $30,000 to $55,000 annual spend on GoDocs document packages over the next 12 months.
  • Gold Plan – the best choice for customers who anticipate approximately $55,000 to $84,000 annual spend on GoDocs document packages over the next 12 months.
  • Platinum Plan – the best choice for customers who anticipate approximately $84,000 to $170,000 annual spend on GoDocs document packages over the next 12 months.
  • Diamond Plan– the best choice for customers who anticipate approximately $170,000 or more annual spend on GoDocs document packages over the next 12 months.
If our loan volume exceeds our projections can we switch to a higher level plan to achieve more savings?

Absolutely! If your loan volume increases to where you could achieve savings with a higher level plan, we are happy to renew your subscription early at a higher plan level before the end of your existing subscription term.

When might additional charges may apply over and above the standard document package prices?

Our document packages include all documents needed by most customers for their typical loan transactions. We offer a number of additional documents and document customizations at an additional charge to accommodate more complex transactions.

For customers that frequently require additional documents or more complex transactions, we offer reduced price bundles that cover the most common additional charge items.

What sort of commitment is required?
  • Subscriptions are for an annual term, payable in 12 monthly installments.
  • New customers have an option to cancel their subscription during the first month if not satisfied.
What are the terms of your new customer trial?
  • Simple: new customers may cancel at any time during the first month of their subscription term if they are not satisfied for any reason.

Payment
Terms

What are your payment terms?
  • Customers authorize automatic payment of monthly subscription fees by pre-authorized ACH debit or credit card.
  • We invoice document package orders and at the time the orders are placed. Invoices are due and payable upon receipt.
  • Fees for document packages may be paid by ACH transfer, wire transfer or credit card at the time document orders are submitted. Banks, credit unions, and established private lender customers may pay invoices by ACH transfer, wire transfer, credit card or check.
  • A 2.5% convenience fee is applicable for customers who elect to pay by credit card.
  • For customers other than banks, credit unions, and established private lender customers, we require payment (i) for standard support level orders at the time each document order is submitted, and (ii) for premium support level orders upon receipt of an invoice and prior to the release of documents. Premium support orders are not considered to have been submitted for turnaround purposes until the invoice has been paid.

Getting
Started

I want to give GoDocs a try. How do I get started?

To get started click “sign up now” on the menu bar, and submit your basic inormation. We will send out our standard contract for e-signing, and a link where you can subscribe to the plan of your choice. After the contract is signed and you have subscribed to the plan of your choice, we will complete your setup – typically within three business days. At that point you will be able to order document packages.

How long does the setup process take?

New customers are typically able to order loan documents within about three business days after our contract has been signed and automatic payment of the monthly subscription fees has been authorized. For customers who have a lot of special requirements, setup will take longer, but seldom more than a couple of weeks.

We have a very stringent vetting process for new vendors. Will that present a problem?

In a word, no. GoDocs follows stringent data security, business continuity, and other policies that are typically reviewed as part of the vendor vetting process. Our customers include many large institutions with strict vendor vetting requirements, and we have never once had a problem satisfying those requirements.

What costs are involved with getting set up?

GoDocs has no setup charges. New customers must authorize automatic payment of the monthly subscription fee for the subscription plan of their choice. The monthly subscription fee for our basic Blue subscription plan is $50 per month. Subscription terms begin on the first day of the calendar month after monthly subscription payments are authorized. Document package orders are invoiced at the time each order is submitted.

What if we decide GoDocs is not the right solution for us? Can we cancel our subscription?

New customers may cancel their subscription during the first month of the subscription term for any reason. Except for a new customer’s right to cancel during the first month, annual subscriptions may not be cancelled before the end of the annual term.

Legal
Services
What if we need legal services in connection with our loan transactions?

GoDocs is not a law firm and does not render legal advice to our customers.

We do, however, have a number of allied law firms that offer reasonable flat-rate legal services to GoDocs customers – no hourly charges and no surprises!

Highland Law Corporation is dedicated exclusively to providing flat-rate legal services to GoDocs customers in connection with loan transactions documented by GoDocs. Legal services offered include borrower entity document review, title review and title instructions, lender’s escrow closing instructions, survey review, custom drafting, and responding to borrower’s counsel comments.

Borrower entity document review, title review and title instructions, lender’s escrow closing instructions, and custom drafting can all be conveniently ordered from the GoDocs customer website.

In addition to Highland Law Corporation, GoDocs has arrangements with local counsel law firms in states which require local counsel review of mortgage loan documents. These firms provide local counsel review on an expedited basis at reasonable flat-rate fees.