Over the past couple of years, we have expanded our support for loans secured by shares and a lease in a cooperative association (aka “cooperative loans”) in a variety of ways, including the use of FNMA/FHLMC’s uniform promissory notes for such loans. Prior to this expansion, Cx4992 was the standard promissory note used for cooperative loans subject to New York law (albeit Cx4992 was configured to print in all States for cooperative loans, thus allowing it to be used for clients with custom cooperative loan programs outside of New York).
At the start of the expansion, we did not retire Cx4992 since there was the possibility that clients could be using this document on a custom basis as described above (and, based on the document’s print configuration, we could not identify which clients were using it on a standard or a custom basis). Instead, we changed the configurations of this document so that it would not print in the States we were expanding standard support into (thus preventing two promissory notes from printing in packages).
Due to DI errors implemented during the expansion, plus the passage of time, we are now able to determine which clients are using this document on a custom basis. As such, we will be retiring this document as a standard one (i.e., it will no longer be maintained for compliance and will no longer be covered by our warranties) and will assign it as a custom document to clients who have printed it over the past 90 days. Clients may refer to our Cooperative Matrix for a list of promissory notes configured to be used for cooperative loans on a standard basis.
This change will take effect on December 17, 2020. Questions or concerns about these changes should be directed to Client Support at 1.800.497.3584.