As previously announced, FNMA has issued new instructions to Form 3749, which includes the following, new requirement:
“1. Lenders MUST revise the second paragraph under ‘DEFINITIONS’ as follows to include the original principal amount of the mortgage being assigned if the Lender is recording a first-lien mortgage and subordinate-lien obligation on the same day:
‘Mortgage’ means the mortgage assigned hereunder, namely that certain Mortgage, securing a note in the original principal amount of $________, dated ___________, _____, from Borrower to Lender and recorded in the __________________ County, Maine, Registry of Deeds.’” (see “Summary” to Form 3749, available on FNMA’s website at: https://www.fanniemae.com/singlefamily/special-purpose-documents)
As such, we have incorporated this language into our version of FNMA Form 3749, ME Assignment of Mortgage (Cx1529), which will print in the appropriate place when new Field “First and Second Lien Being Recorded Simultaneously” (FI 118139) equals “Yes.”
This change will take effect on November 23, 2017. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.