Pursuant to a review by our Legal team, Docutech is making modifications to our second lien security instruments to more closely conform with the FNMA model first lien security instruments. The changes made include:
- updating the Application of Payments section to apply to interest, principal, then escrow (as applicable);
- adding provisions to the Application of Payments section that address late charges for delinquent periodic payments;
- modification to the Notice section that changes the mode of notice required from “certified mail” to “first class mail”; and
- removal of inapplicable information from the document footer.
Any clients wishing to test the changes may review the first few documents on Stage servers:
- AL Mortgage Second (Cx468)
- AR Mortgage Second (Cx469)
- ME Mortgage Second (Cx488)
- NY Mortgage Second (Cx501)
All 51 second lien security instruments (one for each state plus one for the District of Columbia) will be modified. These changes will be phased in beginning March 17, 2018, as edits are completed. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.