Due to a recent audit of our second lien security instruments, Docutech is updating several sections of the Non-Uniform Covenants to more closely match the first lien guidelines from FNMA. Some changes are state specific, but general changes to most forms are as follows:
- In the first paragraph of the Acceleration; Remedies section, the time for cure of breach was changed to “not less than 30 days.”
- In the last sentence of the same paragraph a provision was added allowing for “the costs of title evidence”.
- In the Release/Reconveyance section language pertaining to third-party fees has been added.
Depending on the state, other sections have also been added, such as Homestead, Future Advances, and Attorneys’ Fees.
These changes to the second lien instruments will be in effect on April 21, 2016. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 196458, 196475, etc.