Pursuant to an audit of Fannie Mae special purpose documents, we have modified our copy of FNMA Form 3172 NY Consolidation, Extension and Modification Agreement. We are removing the following language because it no longer exists on the FNMA model form:
“(5) For sales of loans to Fannie Mae and Freddie Mac, the Seller/Lender must deliver the executed and recorded original of this Agreement and all exhibits to it (or a certified true copy from the recording clerk, if the original is not yet available), together with the original Consolidated Note signed by the Borrower(s) and each original Note which is the original evidence of any part of Borrower’s indebtedness set out in this Agreement.”
As indicated in the current version of Form 3172, Paragraph (5) of the Instructions has been removed from Cx1583, and the original Paragraph (6) of the Instructions has been renumbered as Paragraph (5).
This change will be in effect on May 10, 2017. If you have any questions or concerns about this update, please contact Client Support at 1.800.497.3584.
Update: Under the Instructions heading, we are modifying Cx1583 to align with the new version by updating paragraph (1) to reference the correct paragraph (5). This change will go into effect immediately.