Answers to Frequently Asked Questions
What kinds of loan documents does LDS prepare?
LDS 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 Q2 of 2021.
Do your documents comply with each state's legal requirements?
Yes. LDS offers legally compliant documents for all fifty states.
What documents are included in an LDS document package?
Our 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)
- 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 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 LDS 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 LDS as a template for preparing similar document packages in the future?
No. LDS is a software company whose software generates documents on a per-transaction basis. LDS 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 LDS 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.
What support level options are available and how do they differ?
- Includes unlimited help center, email, and telephone support.
- Documents are generated when the order is submitted and are available for immediate download.
- Includes unlimited help center, email, and telephone support.
- A dedicated document specialist is assigned to each order (two dedicated document specialists assigned for more complex orders).
- After the order is submitted the document specialist will review the data entry, correct any obvious errors, and contact the customer with any questions or concerns.
- The assigned document specialist then generates the documents, incorporates any special instructions or custom provisions, then gives them a final review before delivering the documents to the customer.
- Premium support orders allow for one-off and custom provisions that are not available with standard support orders.
- 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.
- There is a 20% premium support charge for premium support orders.
How is document package pricing determined?
We have tiered document package pricing based on the loan amount, starting at $655 for loans under $250,000. Our base document package includes all documents required for a standard loan transaction. Additional charges apply for certain specialized documents and transaction scenarios. All prices are based on our RoboDocs standard support level. A 20% support charge applies for premium support level orders.
Do you offer volume discounts?
Yes. We have volume discounts for customers with an average order volume of at least 25 orders per month.
What if we need legal services in connection with our loan transactions?
LoanDocSolutions 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 LoanDocSolutions customers – no hourly charges and no surprises!
Highland Law Corporation is dedicated exclusively to providing flat-rate legal services to LDS customers in connection with loan transactions documented by LDS. 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 LoanDocSolutions customer website.
In addition to Highland Law Corporation, LDS 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.
I want to give LoanDocSolutions a try. How do I get started?
To get started click “sign up now” on our menu bar, and fill out our new customer signup form. After you submit that form, we will send out our standard contract for e-signing. Once the contract is in place, we will schedule a call and to gather the additional information we need to get you set up.
How long does the setup process take?
It typically takes about a week from the time you submit the signup form until you are able to order loan documents. For lenders 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. LDS 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.
Are there any costs involved with getting set up?
None. LDS has no setup charges, and no minimum order requirement.