1) New functionality has been added to ConformX to allow the following inter vivos revocable trust settlor signature section currently printing on the standard “Inter Vivos Revocable Trust Acknowledgment” (Cx3142) to print directly on the security instrument and security instrument riders for loans with an inter vivos revocable trust:
“BY SIGNING BELOW, the undersigned, Settlor(s) of [TRUST NAME] under trust instrument dated [TRUST DATE], for the benefit of [TRUST BENEFICIARY] acknowledges all of the terms and covenants contained in this Security Instrument and any rider(s) thereto and agrees to be bound thereby.
– REVOCABLE TRUST SETTLOR – – DATE –
– REVOCABLE TRUST SETTLOR – – DATE -”
The new section will print beneath the corresponding trustee signature lines area of the documents. When this new functionality is enabled and the settlors sign directly on the security instrument and riders on a loan involving an inter vivos revocable trust, the document “Inter Vivos Revocable Trust Acknowledgment” (Cx3142) that currently fills this requirement will not print.
The new system default and corresponding loan field is called “Include Settlor Signature Line on Security Instrument” (Field 61670). The setting will default to “No” so Cx3142 will continue to print by default. The new functionality will be available upon request.
2) The “Other” checkbox in the “Riders” section of the security instrument will be triggered to check and the text “Inter Vivos Revocable Trust as Borrower Acknowledgement” will print in the “Other” description section when “Inter Vivos Revocable Trust Acknowledgment” (Cx3142) prints in a loan package. Previously a special copy of the document (Cx15139) printed for the investor GMAC and ConformX clients upon request in order to check the “Other” Riders checkbox and trigger the text to print. This copy is no longer needed, since Cx3142 will now trigger the box and the text for all loans in which it prints.
3) In Fannie Mae Selling Guide Announcement SEL-2013-01, Fannie Mae eliminated the requirement that a trustee’s signature block identify the beneficiary of the inter vivos revocable trust. New functionality has been added to ConformX to allow for the removal of the beneficiary text from the trustee signature line areas of all documents, the new settlor signature text shown in item 1 above (that can be triggered to print directly on the security instruments and riders), and the following standard documents:
- “Inter Vivos Revocable Trust Addendum To Note” (Cx1219),
- “Inter Vivos Revocable Trust Rider” (Cx1482),
- “Inter Vivos Revocable Trust Acknowledgment” (Cx3142), and
- “Closing Worksheet” (Cx14226).
The new related option for “Trustee Signature Line Verbiage Type” (Field 56189) is called “Individually/Trustee/Date.” The “Trustee Signature Line Verbiage Type” setting will not be changed for each client automatically, but the new functionality will be available upon request.
These changes will be put into effect on September 13, 2013. If you have any questions or concerns about these changes please contact Client Support at 1.800.497.3584.
September 5, 2013