Handcrafting loan documentation simply isn't an efficient or effective approach in today's modern world customers expect and demand more without sacrificing quality. Bancorp outperformed its peer group and the bank sector as a whole with approximately 4% average loan growth in Q3'22, including over 6% commercial and industrial (or C&I) lending growth and 6% card loan growth." Now lenders will be able to take advantage of GoDocs' C&IDocs features to outpace the competition. Recently, US Bancorp published great success in the C&I space, which clearly shows that while interest rates have increased, We've turned those weeks into just minutes for the entire C&I industry with an unmatched product." We knew we could do better for our customers, and we have. "All too often, we have heard horror stories from customers where the loan documentation process – both standard and complex - has taken days, weeks, or even months to finalize, and along with that comes exorbitant legal fees. That previously had to be handcrafted by attorneys," says GoDocs CEO "Once again, GoDocs has taken a leadership position in the document generation category by automating the full range of C&I loans, including Interest-only bridge loans secured by a pledge of ownership interest(s) and/or a business assets general security agreement. Revolving line of credit loans (borrowing base transactions secured by multiple collateral types, such as inventory, receivables, intellectual property, equipment, accounts, etc.) īusiness line of credit loans (revolving or non-revolving) secured by all business assets and Line of credit loans (multiple disbursements typically used for collateral types representing equipment, vehicles, or inventory) Term loans (single disbursement with interest-only or amortizing repayment options) Specifically, some of the highlights of the new C&IDocs platform include the ability to document the following transactions: Simply stated, customers can generate a sophisticated, 50-state compliant product that articulates their important decisions into attorney-powered documents. , to support their specific underwriting requirements, e.g., multiple collateral types, revolving or non-revolving lines of credit, and unique collateral monitoring customizations that include financial covenants for all loan parties, allĪny outside legal support. Customers can engage in the dynamic C&IDocs platform to create a range of capabilities, from easy to the most With C&IDocs, the new capabilities are robust, easy to use, and come with the most comprehensive and versatile built-in lender protections. We are so thrilled with the quality and process of their software," commented "GoDocs C&I Docs is an easy-to-use Cloud loan documentation solution. GoDocs has raised the bar on C&I lending to provide customers with an attorney-powered solution that reduces the loan documentation process to just minutes for all C&I loan types and complexities. C&IDocs represents the most powerful set of commercial and industrial loan documentation features and capabilities on the market. GoDocs has once again transformed the industry with the release of its attorney-powered C&IDocs platform. , a commercial and industrial (C&I) loan doc generation tool. , the automation leader in commercial loan document generation, announced the expansion of their commercial lending automation product line, If you are unsure, select the first option, which the most common practice.Reduces the Loan Doc Process from Weeks to Just Minutes for Complex C&I Loans The payment calculated by the customer's servicing software should be within a dollar or two of the GoDocs estimated payment. Therefore, if you elect to calculate the P&I payment based on the effective rate, GoDocs will display an estimated payment amount, and the customer will need to enter the actual payment amount calculated by the customer's servicing software. įor lenders who calculate the P&I payment based on the effective rate, GoDocs has found that different servicing software systems sometimes come up with slightly different payment amounts. It also means that a 30-year loan, if held to maturity, would have a balloon payment due at maturity.Ī minority of lenders using the Actual/360 accrual method calculate the P&I payment based on the effective rate. This results in a slightly lower payment than if the payment is calculated on the Actual/360 effective rate. Most lenders who accrue interest on an Actual/360 basis nevertheless calculate the monthly principal and interest payments based on a 30/360 method.
0 Comments
Leave a Reply. |