FNMA provides a standard Affidavit and Agreement (FNMA Form 3185) for primary lien Texas cash-out refinance loans (commonly referred to as “Texas 50[a] loans”), in order for lenders to ensure that their loan complies with the provisions of Tex. Const. art. 16, § 50(a)(6) and regulations made pursuant thereto. We provide a duplicate of this form (Cx3442) for all Texas 50(a)(6) loan packages, which includes both a primary lien version and a junior lien version.
Pursuant to an audit of this document, we will be modifying the junior lien version of Cx3442 to match FNMA Form 3185, since there are no substantive provisions that require a different text based upon what type of lien the loan is (we will, however, maintain two separate versions, should new laws be enacted in the future that would require a modification to one version).
Two substantive changes include adding Clause (K) of the FNMA Form 3185 into Cx3442 (and re-lettering all subsequent clauses) and including all of Clause (N) (at the moment, only the first part is included).
These changes will take effect on April 2, 2013. If you have any questions or concerns about these updates, please contact Client Support at 1.800.497.3584.
March 25, 2013