The Inter Vivos Revocable Trust Rider is provided pursuant not only to general legal practice concerning security instruments, but also to FNMA’s requirements, as set forth in FNMA 2013 Selling Guide B2-2-05 & B8-5-02.
Pursuant to an audit of this Rider, we will be making the following changes to it:
1. Correcting typographical errors, particularly changing some common nouns to proper nouns, since these are defined in the general Definitions section of the security instrument.
2. Triggering Section C (“Transfer of the Property or a Beneficial Interest in the Revocable Trust”) to not print if the loan will be FHA-insured, since the provisions of Section C are substantively set forth in FHA Uniform Covenant 9.
3. Inserting a new paragraph in Section C which properly defines “Interest in the Property,” which definition is taken from Covenant 18 of the FNMA Uniform Covenants.
These changes will take effect on April 15, 2013. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
April 8, 2013