Our Cx6177 is a reproduction of FNMA Form 3528.44 and Cx6178 is a reproduction of FNMA Form 3044.1. Pursuant to an audit of these documents, changes will be made to our forms to make the language located in the body of the documents exactly match that of the FNMA forms, published on FNMA’s website (https://www.fanniemae.com/singlefamily/legal-documents).
Most of these changes are minor in nature, such as the merging or splitting of some paragraphs, corrections to punctuation, and corrections to punctuation. Some of the more substantive changes include the following:
Changes to Cx6177
1. Changing the dynamic day of the month in Section 3(A), concerning when monthly payments are due, to a hardcoded language of “first,” not only to match Form 3528.44, but also to comply with the provisions of FNMA 2013 Selling Guide B2-1.3-02.
2. Changing the dynamic month in Section 4(A), concerning the change dates for the interest rate, to a hardcoded language of “12th.”
3. Changing the dynamic percentage points in Section 4(D) to a hardcoded text of “two.”
4. Inclusion of a new sentence before the last sentence in the second paragraph of Section 6, which states the following: “The Note Holder will make this refund by making a payment to me.”
Changes to Cx6178
1. Changing the dynamic state text in the “Transfer of Rights in the Property” section, concerning the address of the subject property, to a hardcoded text of “Texas.”
2. Setting the following text in the last paragraph of Covenant 9 to print only when the loan is secured by a leasehold interest:
“Borrower shall not surrender the leasehold estate and interests herein conveyed or terminate or cancel the ground lease. Borrower shall not, without the express written consent of Lender, alter or amend the ground lease.”
Please note that while this text is not an authorized change by FNMA, to be included in Form 3044.1 when the loan is secured by a leasehold, FHLMC does mandate such inclusion in their “Authorized Changes to Security Instrument” document published on their website (http://www.freddiemac.com/uniform/unifchanges.html).
3. The addition of a thick box surrounding the last notice preceding the borrower’s signature lines.
These changes will take effect on April 24, 2013. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
April 17, 2013