Recently, one of our bank clients faced a complex challenge while attempting to close a loan for a trust in California. The issue? There was confusion around whether spousal consent language was required from two of the trustees and what would happen if one spouse refused to sign either a Spousal Consent or Spousal Guarantee.
Our client wasn’t entirely sure:
- What exactly does California law require when it comes to spousal consent and guarantees?
- What’s the difference between the two documents?
- What’s the risk to the lender if only one of the two documents is signed, or if neither signature is obtained?
Enter Superhero #1: Tucker Wade, Senior Director of Legal & Compliance
In less than three hours of being contacted, Tucker delivered a detailed and crystal-clear response that covered:
- Whether both a Spousal Consent and Spousal Guarantee are required in California, and which states have similar requirements.
- The fundamental differences between the two documents.
- What happens if a spouse refuses to sign the guarantee but is willing to sign the consent, and the potential impact on the loan.
- The risk to the lender if signatures on both documents weren’t obtained.
Tucker didn’t just provide a high-level answer. He backed it up with legal insights, best practices, and real-world examples to give our client complete confidence in how to proceed.
Enter Superhero #2: James Martin, VP of Operations
Our team didn’t stop at advice! Once the legal guidance was clear, James stepped in to ensure our client’s GoDocs platform settings were aligned with their compliance needs.
- James quickly reviewed the client’s current platform configuration to confirm which states required the spousal guaranty and offered to make any necessary changes to their settings.
- He also explained how the platform dynamically adapts based on loan type and state requirements, ensuring compliance without unnecessary delays.
For a client navigating the intricate web of state-level compliance requirements, the fast, clear, and personalized support from both Tucker and James was invaluable.
Now, you might be thinking, are Tucker and James really superheroes? They didn’t rescue a kitten from a tree or save the world from aliens. But in the world of commercial loan documentation, this level of expertise and responsiveness is heroic – and rare. It’s one of the many reasons lenders trust GoDocs. This bank had such trust in GoDocs and our team that they chose to reach out to our superheroes rather than their own team.
Our commitment to proactive, expert-level support sets GoDocs apart from every other provider that simply automates document generation. We don’t just help you generate loan documents; we protect your compliance, reduce your risk, and have your back when it matters most.
A huge thank you to both of you for embodying GoDocs’ promise of unparalleled client support. And to our client; we’re glad to be there when you need us.
Tucker and James, your capes are on the way. 😉
