One of the long term projects Docutech has undertaken is a review of all our Second Lien Security Instruments and Notes. Fannie Mae no longer promulgates model forms for conventional second lien security instruments, but the FNMA instructions on second lien mortgages advises lenders that “Fannie Mae expects the second mortgage security instruments to be similar to first mortgage security instruments with respect to fairness to the borrower and the lender.” To ensure more conservative compliance, Docutech has revised the Fixed Rate Second Lien Notes in our document library to conform more closely to the FNMA first lien Note model forms found here. We have also reviewed state laws to ensure that the updates to our Fixed Rate Second Lien Notes are compliant with applicable statutes. This project encompasses the Fixed Rate Second Lien Notes for all fifty states and the District of Columbia, ranging from Cx1032 “Fixed Rate Note Alaska Second” to Cx1082 “Fixed Rate Note Wyoming Second”.
These changes for the Fixed Rate Second Lien Notes will be in effect on November 17, 2016. The Second Lien Security Instrument changes will become available as they are completed in the future. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
TW 148264 and Various DRs