To enhance the maintenance and scope of our support for loans secured by shares in cooperatives in New York, we will be providing new, modified copies of some of FNMA’s and FHLMC’s uniform notes and riders for these types of loans. Changes to the uniform documents include the following:
- Modifying the titles to the documents by including the caption “Cooperative Apartment”, to distinguish the documents from ones given for real estate-secured properties;
- Modifying the text in the footer of the documents by adding the caption “- Modified for Cooperative Loans”, to indicate that the documents contain deviations from FNMA’s and FHLMC’s uniform text;
- On the promissory notes, modifying the section entitled “Uniform Secured Note” to contain text matching Section 11 of our generic “Loan Security Agreement – COOP” (Cx4987). For the ARM notes, the text will also match the language of Section 11, but as amended by the ARM riders; and
- On the ARM riders, modifying the text of Section B to make the provisions concerning assumptions and transfers of beneficial interests compatible with cooperative loans. Doing so will effectively amend Section 11 of Cx4987. This language will also be reflected in the modified “Uniform Secured Note” section of the ARM promissory notes.
We will be releasing these changes as we complete them (and will update this announcement accordingly). Our first batch of changes includes the following documents:
- 3200 Note Fixed (Cx5)
- 3522 Note ARM 1 Yr Treasury (Cx75)
- 3501/3502 Note ARM 1/1 3/1 1 Yr Treasury (Cx142)
- 3271 Interest-Only Note Fixed Note (Cx299)
- 3111/3108 Rider ARM 1/1 3/1 1 Yr Treasury (Cx731)
- 3182 Rider ARM 1 Yr Treasury (Cx754)
- 3531 Interest-Only Note ARM 1 Yr Treasury (Cx820)
- 3533 Interest-Only ARM Note (Cx3174)
- 3534 Multi 1 Yr Treasury Ten-Year Interest Only Note (Cx6125)
- 3111/3108 Rider ARM 1/1 3/1 1 Yr Treasury (Cx7695)
- 3152 1 Year Treasury 10 Yr Interest Only Rider (Cx9029)
- 3182 Rider ARM 1 Yr Treasury (Cx9387)
These changes will appear on these documents under the following conditions:
- Cooperative (FI 22537) = Yes
- Property State (FI 1714) = New York
We will also be modifying the print configuration for our 3200 Note Fixed (Cx5), which is currently configured to print when “Cooperative = No” in all cases. Cx5 will be given an additional configuration so that it will print when “Cooperative = Yes” and “State Code = New York”. 3200 Note Fixed will not print for cooperatives in any other state beside New York. Our current, generic “Cooperative Apartment Fixed Rate Note” (Cx4992) will continue to print for cooperatives in all states, but will be modified to not print when “State Code = New York,” since Cx5 will print instead. The ARM notes and riders will continue to print for cooperatives in all states.
Additionally, we will be modifying the text of the “Uniform Secured Note” section of Cx4992, so that the language which restates the language of Section 11 of Cx4987 will match such language. We will also modify some of the text of Section 11 of Cx4987 for grammatical purposes, particularly changing the clause “(or if a beneficial interest in me is sold or transferred and I am not a natural person)” to “(or if I am not a natural person and a beneficial interest in me is sold or transferred)”.
These first batch of changes will take effect on March 6, 2018. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 255693
Update:
We are pleased to announce the second batch of our updates, which includes the following promissory notes:
- 3523 Note ARM 5/1 7/1 10/1 Conversion Option 1-2-3 1 Yr Treasury (Cx68)
- 3508 Note ARM 1/1 Conversion Option 1-5 1 Yr Treasury (Cx69)
- F3514 Note ARM 5/5 5 Yr Treasury (Cx71)
- 3503 Note ARM 1/1 3/1 Conversion Option 1-2-3 3-4-5 1 Yr Treasury (Cx81)
- 3504 Note ARM 3/3 3 Yr Treasury (Cx84)
- 3510 Note ARM 6m 1/1 COFI (Cx149)
- 3511 Note ARM 6m 1/1 Conversion Option 1-5 2-10 FNMA COFI (Cx156)
- FNMA 3520 Note ARM 6m WSJ LIBOR (Cx184)
- 3525 Note ARM 5/1 7/1 10/1 Conversion Option 1-2-3 1 Yr WSJ LIBOR (Cx191)
- 3526 Note ARM 1 Yr WSJ LIBOR (Cx192)
- 3527 Note ARM 3/1 Conversion Option 1-2-3 1 Yr WSJ LIBOR (Cx193)
- 3529 WSJ 1yr. LIBOR ARM Note – Convertible (Cx194)
- 3528 Note ARM 5/1, 7/1, 10/1 Yr WSJ LIBOR (Cx203)
- F3290 Note Balloon (Cx227)
- 3260 Note Balloon (Cx230)
- 3263 Note 10 Yr Treasury ARM (Cx767)
- 3264 Biweekly Note (Cx768)
- 3505 Note ARM 3/3 Conversion Option 1-2 3 Yr Treasury (Cx778)
- 3530 Interest-Only Note ARM 1 Yr WSJ LIBOR (Cx828)
- 3265 Biweekly Note Without Conversion (Cx1590)
- 3532 Interest-Only ARM Note (Cx2635)
- 5531 1 Yr. LIBOR ARM Note (Cx3439)
- 5206 Freddie Mac Interest Only Fixed (Cx4047)
- 5536 Freddie Mac Interest Only 1 YR LIBOR (Cx4063)
- 5537 Freddie Mac Interest Only 1 YR LIBOR A.I.P. (Cx4066)
- 5506 Freddie Mac Interest Only 1 YR Treasury A.L.L. (Cx4067)
- 5510 Freddie Mac 1 YR Treasury AIP (Cx4136)
- 5511 Freddie Mac 1 YR Treasury ALL (Cx4138)
- 5532 Freddie Mac 1 YR LIBOR All (Cx4144)
- 5533 Freddie Mac 1 YR LIBOR ALL (CONV) (Cx4145)
- 5512 Freddie Mac 1 YR Treasury ALL (CONV) (Cx4146)
- 5534 Freddie Mac 1 YR LIBOR AIP (CONV) (Cx4149)
- 5530 Freddie Mac 1 YR LIBOR ALL (Cx4150)
- 5513 Freddie Mac 1 YR Treasury AIP (CONV) (Cx4151)
- 5507 Freddie Mac Interest Only 1 YR Treasury A.I.P. (Cx4947)
- 3537 Multi 1 Yr LIBOR Ten-Year Interest Only Note (Cx6100)
- 3535 Multi 1 Yr LIBOR Ten-Year Interest Only Note (Cx6124)
- 3536 Multi 1 Yr Treasury Ten-Year Interest Only Note (Cx6126)
- 3288 Biweekly Note (Cx19235)
- 3289 Biweekly Note Without Conversion (Cx19237)
The following riders:
- F3190 Rider Balloon (Cx253)
- 3124 Rider ARM 6m 1/1 Conversion Option 2-10 1-5 COFI (Cx272)
- 3113 Rider ARM 1/1 3/1 Conversion Option 3-4-5 1-2-3 1 Yr Treasury (Cx733)
- 3114 Rider ARM 3/3 3 Yr Treasury (Cx734)
- 3115 Rider ARM 3/3 Conversion Option 1-2 3 Yr Treasury (Cx735)
- 3118 Rider ARM 1/1 Conversion Option 1-5 57/861 1 Yr Treasury (Cx736)
- 3120 Rider ARM 6m 1/1 COFI (Cx737)
- 3122 Rider ARM 1/1 Conversion Option 1-5 1 Yr WSJ LIBOR (Cx738)
- F3131 Rider ARM 5/5 5 Yr Treasury (Cx741)
- 3176 Rider 10 Yr Treasury ARM (Cx749)
- 3177 Biweekly Payment Rider (Cx750)
- 3178 Biweekly Payment Rider Without Conversion (Cx751)
- 3180 Rider Balloon (Cx752)
- 3183 Rider ARM 5/1 7/1 10/1 Conversion Option 1-2-3 1 Yr Treasury (Cx755)
- 3186 Rider ARM 3/1 Conversion Option 1-2-3 1 Yr WSJ LIBOR (Cx757)
- 3187 Rider ARM 5/1 7/1 10/1 1 Yr WSJ LIBOR (Cx758)
- 3188 Rider ARM 5/1 7/1 10/1 Conversion Option 1-2-3 1 Yr WSJ LIBOR (Cx759)
- 3189 Rider ARM 3/1, 1 Yr WSJ LIBOR (Cx760)
- F3191 Rider Balloon (Cx762)
- Balloon Rider – Multistate (Cx1210)
- 3187 WSJ 1yr. LIBOR Fixed/ARM Rider (Cx3259)
- 5131 1 Yr. LIBOR ARM Rider (Cx3441)
- 5111 Freddie Mac Rider 1 YR Treasury ALL (CONV) (Cx4152)
- 5110 Freddie Mac Rider 1 YR Treasury AIP (Cx4153)
- 5130 Freddie Mac Rider1 YR LIBOR ALL (Cx4154)
- 5132 Freddie Mac Rider 1 YR LIBOR ALL (CONV) (Cx4156)
- 5133 Freddie Mac Rider 1 YR LIBOR ALL (CONV) (Cx4157)
- 5134 Freddie Mac Rider 1 YR LIBOR AIP (CONV) (Cx4158)
- 5113 Freddie Mac Rider 1 YR Treasury AIP (CONV) (Cx4159)
- 5112 Freddie Mac Rider 1 YR Treasury ALL (CONV) (Cx4160)
- 5106 1 Year Treasury Interest Only Rider ALL (Cx7649)
- 5107 1 Year Treasury Interest Only Rider AIP (Cx7650)
- 5136 1 Year LIBOR Interest Only Rider ALL (Cx7651)
- 5137 1 Year LIBOR Interest Only Rider – AIP (Cx7652)
- 3153 1 Year LIBOR 10 Yr Interest Only Rider (Cx9030)
- 3154 1 Year Treasury 10 Yr Interest Only Rider (Cx9031)
- 3155 1 Year LIBOR 10 Yr Interest Only Rider (Cx9032)
- 3198 Biweekly Rider (Cx19236)
- 3199 Biweekly Rider Without Conversion (Cx19238)
And, finally, the following addenda:
- Note Balloon Addendum (Cx252)
- Note Balloon Addendum (Cx263)
- Note Balloon Addendum (Cx770)
This second batch of changes will take effect on October 31, 2018. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 273451, 273454, and 273455