As reported in Docutech’s Compliance News on March 7, 2107, FNMA announced upcoming changes to the Fannie Mae/Freddie Mac Maine Mortgage Assignment form for mortgages being registered in the MERS System. (http://blog.docutechcorp.com/compliance-news-fnma-to-change-maine-mers-instructions)
In follow up to their March 7th announcement, FNMA issued the following notice on August 29, 2017:
“On March 7, 2017, we announced in a Selling Notice that steps were being taken to suspend use of the “MERS as Original Mortgagee” authorized change to the Maine security instrument (Form 3020). These steps are in response to judicial developments in Maine challenging MERS’ role as nominee for lenders (and their assignees) and the absence of a legislative remedy that addresses prospective foreclosures and other mortgage-related enforcement actions.
For mortgage loans that are secured by a property located in the state of Maine, with a note date on or after January 1, 2018, and that are to be registered with MERS (formally known as the Mortgage Electronic Registration Systems, Inc.), lenders must use the new Fannie Mae/Freddie Mac MERS Mortgage Assignment (Form 3749) to assign such loans to MERS.
Mortgage loans with a note date on or after January 1, 2018, that are secured by a property located in Maine are ineligible for delivery to Fannie Mae if the Maine security instrument (Form 3020) has been modified to name MERS as the original mortgagee of record solely as nominee for the lender, or if the loan has been assigned to MERS using an assignment form other than Form 3749.
Lenders may begin using the new MERS Mortgage Assignment form immediately. As a reminder, the new assignment form must be used with the standard Maine mortgage form, and may not be used with a Maine mortgage form that has been modified to include the MERS-as-original-mortgagee authorized change.”
As a result of FNMA’s recent announcement, Docutech has updated Cx1529 to reflect the Fannie Mae/Freddie Mac MERS Mortgage Assignment (Maine) model form found at https://www.fanniemae.com/content/legal_form/3749.pdf.
Because FNMA is allowing for immediate use of this form, this change will be in effect on October 20, 2017. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.