Chapter 15, Title 45 of Idaho’s Code sets forth the requirements applicable to trust deeds. A “trust deed” is “a deed executed in conformity with this act and conveying real property to a trustee in trust to secure the performance of an obligation of the grantor or other person named in the deed to a beneficiary.” (Idaho Code Ann. § 45-1502) “Real property” is defined as follows:
“‘Real property’ means any right, title, interest and claim in and to real property owned by the grantor at the date of execution of the deed of trust or acquired thereafter by said granter or his successors in interest. Provided, nevertheless, real property as so defined which may be transferred in trust under this act shall be limited to: (a) any real property located within an incorporated city or village at the time of the transfer; (b) any real property not exceeding eighty (80) acres, regardless of its location, provided that such real property is not principally used for the agricultural production of crops, livestock, dairy or aquatic goods; or (c) any real property not exceeding forty (40) acres regardless of its use or location.” (Ibid. § 45-1502)
Due to these provisions, FNMA has included Section 25 in their uniform deed of trust for properties located in Idaho (see FNMA Form 3013) and for which a deed of trust cannot be used in connection with property which meets the descriptions in Ibid.
To accommodate the rare loans which meet such descriptions which go through our system, we will be enhancing our primary- and junior-lien, conventional deeds of trust for Idaho (Cx322 and Cx480) to be formatted as mortgages when new field “Property More Than 80 Acres” (FI 118699) equals “Yes.” This field will need to be set manually for applicable loans. Note that this field will not automatically be set to “Yes” based on the size of the subject property, due to the nuances under which it would need to used. If the field is not set to “Yes”, the regular Idaho deed of trust text will print.
In addition, our generic assignments for Idaho (Cx877, Cx4318, and Cx4461) will also make references to mortgage characteristics (rather than deed of trust characteristics) when FI 118699 is set to “Yes.”
This enhancement will be available on January 13, 2018. If you have any questions or concerns about this changes, please contact Client Support at 1.800.497.3584.