Over the past year, we have expanded our support for cooperative loans into multiple states and multiple loan products. To summarize, we provide generic documents for closed-end cooperative loans which are:
- Conventional;
- In a primary lien position;
- Secured by the borrower’s primary or secondary residence; and
- Secured by shares and a proprietary lease in a cooperative unit located in:
- Alaska
- California
- Connecticut
- The District of Columbia
- Florida
- Illinois
- Indiana
- Maryland
- Massachusetts
- Michigan
- Minnesota
- New Jersey
- New York
- Pennsylvania
- Virginia
- Washington
Similarly, we provide generic documents for HELOC cooperative loans which are secured by shares and a lease in a cooperative unit located in California and New York, regardless of lien position or occupancy status.
We noted during our initial review of our generic cooperative documents that some were printing generically for loan-, occupancy-, and lien-types and in states that we do not support. As part of our quality control review for our additional support, we have decided to limit such print conditions to only the types and states which we generically support.
The following is a list of the document print conditions we will be changing, as a result. For Cx4982, Cx4983, Cx4984, Cx4986, Cx4988, Cx4989, Cx4991, we will retain the current print configurations for clients who have generated these documents in un-supported states since January 1, 2017 (unless such clients already have custom configurations for these documents).
- Assignment of Lease – COOP (Cx4982)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Occupancy = Primary Residence
- Occupancy = Second Home
- Removing all the “State Code” conditions in Print Condition 1, except for “State Code = New York” (e. this document will only print generically in New York).
- Adding the following to Print Condition 1:
- Consent to Assignment of Lease – COOP (Cx4983)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Occupancy = Primary Residence
- Occupancy = Second Home
- Removing all the “State Code” conditions in Print Condition 1, except for “State Code = New York”.
- Adding the following to Print Condition 1:
- Acceptance of Assignment and Assumption of Lease – COOP (Cx4984)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Occupancy = Primary Residence
- Occupancy = Second Home
- Removing all the “State Code” conditions in Print Condition 1, except for “State Code = New York”.
- Adding the following to Print Condition 1:
- Irrevocable Stock Power – COOP (Cx4986)
- Adding the following to Print Condition 1:
- Occupancy = Primary Residence
- Occupancy = Second Home
- State Code = Alaska
- State Code = California
- State Code = Connecticut
- State Code = District of Columbia
- State Code = Florida
- State Code = Illinois
- State Code = Indiana
- State Code = Maryland
- State Code = Massachusetts
- State Code = Michigan
- State Code = Minnesota
- State Code = New Jersey
- State Code = New York
- State Code = Pennsylvania
- State Code = Virginia
- State Code = Washington
- Adding the following to Print Condition 1:
- Loan Security Agreement – COOP (Cx4987)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Occupancy = Primary Residence
- Occupancy = Second Home
- Adding the following to Print Condition 1:
- Assignment of Security Agreement – COOP (Cx4988)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Occupancy = Primary Residence
- Occupancy = Second Home
- Removing all the “State Code” conditions in Print Condition 1, except for “State Code = New York” and “State Code = Maryland”.
- Adding the following to Print Condition 1:
- Affidavit of No Further Encumbrances – COOP (Cx4989)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Occupancy = Primary Residence
- Occupancy = Second Home
- State Code = Alaska
- State Code = California
- State Code = Connecticut
- State Code = District of Columbia
- State Code = Florida
- State Code = Illinois
- State Code = Indiana
- State Code = Maryland
- State Code = Massachusetts
- State Code = Michigan
- State Code = Minnesota
- State Code = New Jersey
- State Code = New York
- State Code = Pennsylvania
- State Code = Virginia
- State Code = Washington
- Adding the following to Print Condition 1:
- Notice of Assignment of Security Agreement – Managing Agent – COOP (Cx4991)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Occupancy = Primary Residence
- Occupancy = Second Home
- State Code = Alaska
- State Code = California
- State Code = Connecticut
- State Code = District of Columbia
- State Code = Florida
- State Code = Illinois
- State Code = Indiana
- State Code = Maryland
- State Code = Massachusetts
- State Code = Michigan
- State Code = Minnesota
- State Code = New Jersey
- State Code = New York
- State Code = Pennsylvania
- State Code = Virginia
- State Code = Washington
- Adding the following to Print Condition 1:
- NY Aztech Recognition Agreement – COOP (Cx8091)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Lien Position = First Lien
- Loan Purpose = Allow Any
- Occupancy = Primary Residence
- Occupancy = Second Home
- Adding the following to Print Condition 1:
- UCC-1 Financing Statement (Cx7700)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Adding the following to Print Condition 1:
- FL UCC-1 Financing Statement (Cx16930)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Lien Position = FirstLien
- Occupancy = Primary Residence
- Occupancy = Second Home
- Adding the following to Print Condition 1:
- UCC-3 Financing Statement (Cx22755)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Adding the following to Print Condition 1:
- FL UCC-3 Financing Statement (Cx22756)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Lien Position = First Lien
- Occupancy = Primary Residence
- Occupancy = Second Home
- Adding the following to Print Condition 1:
- Assignment of Proprietary Lease (Cx22777)
- Adding the following to Print Condition 1:
- State Code = Maryland
- Adding the following to Print Condition 1:
- UCC-3 Financing Statement from MERS (Cx22778)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- State Code = Illinois
- State Code = Massachusetts
- State Code = Michigan
- State Code = New Jersey
- Adding the following as new Print Condition 2:
- Base Type = Conventional
- Cooperative = Yes
- Co-op is Real Property or Personal Property = Personal Property
- Document Package Type = Closing
- Lien Position = First Lien
- MERS Assignment Type = From
- Occupancy = Primary Residence
- Occupancy = Second Home
- Print From MERS Assignments = Yes
- State Code = Minnesota
- State Code = Washington
- Adding the following to Print Condition 1:
- FL UCC-3 Financing Statement from MERS (Cx22779)
- Adding the following to Print Condition 1:
- Base Type = Conventional
- Lien Position = First Lien
- Occupancy = Primary Residence
- Occupancy = Second Home
- Adding the following to Print Condition 1:
To give clients an extended period of time to review these changes and make any custom configurations, we will be making these changes on March 27, 2019. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
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