On October 31, 2017 FNMA published FNMA Ann. SEL-2017-09 (available at: https://www.fanniemae.com/singlefamily/selling-policy-communications) which provides several updates to the FNMA 2017 Selling Guide, including the following:
- Clarifying language concerning the distinction between individual borrowers and inter vivos revocable trusts as owners of an interest in real property, as well as FNMA’s expectations for the execution of notes and mortgages.
- Consolidation of electronic record and signature requirements.
- Updates to FNMA Form 3044 (Texas Deed of Trust) (which are required for loans with note dates on or after April 1, 2018 – but the new language may be adopted now).
- Notice that FNMA is assessing the potential impact of the passage of a new amendment to Tex. Const. art. 16, § 50, which will be voted on by voters in Texas on November 7, 2017 (for details, see: http://blog.docutechcorp.com/time-texas-home-equity-overhaul-texans-set-amend-constitution).
We are currently reviewing these changes to determine any impact to our document library and/or systems and evaluating any necessary changes. Any modifications we make will be announced on our website (http://blog.docutechcorp.com/category/document-updates).