Due to client feedback, we are updating the “Completion Date” functionality on our generic construction documents to provide more flexibility surrounding the date the construction is completed. By default, the documents use Field 538 “Construction Loan Maturity Date” to populate the completion date. This change will allow clients to use Field 535 “Construction Completion Date” to populate the construction completion date if so desired. If the “Construction Completion Date” field is not populated, we will default to our normal “Construction Loan Maturity Date” to fill the “Completion Date” sections of the document. This means that nothing will change unless FI 535 “Construction Completion Date” is populated.
The documents impacted by this change are:
- HomeStyle Renovation Contract (Cx22293)
- HomeStyle Renovation Loan Agreement (Cx22295)
- FNMA Construction Contract (Cx22650)
- FNMA Construction Loan Agreement (Cx22651)
- FNMA Construction Loan Rider Amending Note (Cx22652)
These changes will be in effect on April 16, 2019. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 287276