Irvine, California, July 19, 2022 — GoDocs, the automation leader in commercial loan document generation today announced record revenue and year-over-year growth exceeding 60% despite a volatile lending market. New customers joined the GoDocs platform at a record rate, revenue grew from the company’s ground up construction documentation solution released in Q1, and lenders significantly expanded their use of GoDocs’ automatic generation of closing documents for multi-family and commercial properties with loan values greater than $2 million.
“In the first half many lenders came to us looking for help to be more competitive in a volatile lending market. Faster closings, reduced costs in operations, lower dependence on hiring to scale their business, improved 50-state compliance, and lower closing costs for borrowers were on the top of lenders’ lists. Each time, we were able to prove we can deliver this value proposition and, as a result, won a lot of new business. There is tremendous interest in our cloud platform, and I expect we will continue to grow at this rate or better,” commented GoDocs’ CEO, Steve Butler.
Comments from HomeStreet Bank, a large GoDocs customer, support the high interest among lenders for GoDocs — “GoDocs makes generating our closing documents simple and fast, and lowers our costs. It helps us stay competitive.”
James Martin, GoDocs VP of Operations, added “Lenders significantly expanded use of GoDocs for loans with value greater than $2M in the first half. We tripled the number of loans in the $2M – $50M range and generated robust attorney-quality closing documents for these loans in seconds, at a fraction of the cost that high-paid attorneys would charge. Up to now loans of this value were almost entirely documented by attorneys. The GoDocs platform is the first to work as an attorney does — creating documents clause-by-clause and offering all the protections lenders require for even the most complex loans.”
With such a strong start to the year, the rest of 2022 is looking bright for GoDocs. As more lenders become aware of the company and embrace the power of new digital technology, GoDocs is positioned to continue its industry leadership and successfully drive exponential growth.
GoDocs, the automation leader in commercial loan document generation, offers next-generation software solutions for banks, credit unions, and private lenders to create a streamlined process for closing commercial loans. They provide lenders and borrowers with access to the first and only purely cloud-based system that offers a solution that is both flexible and frictionless. This allows commercial lending to operate at scale. GoDocs has remained ahead of the curve when it comes to modernizing organizations and embracing the power of digital transformation. Today, the company is trusted by industry-leading banks and is proud to back its solutions with onshore support for a seamless experience.