On July 7, 2021 Fannie Mae (FNMA) published a selling guide announcement where they released updated uniform legal instruments. SEL-2021-06. They have updated all their uniform instruments – security instruments, notes, riders, addenda, and special purpose documents. This update is the result of a comprehensive review of the uniform instruments that was conducted in collaboration with Freddie Mac. The new instruments were designed to enhance their clarity and usability. The new instruments contain a July 2021 footer date. They can be found at: https://singlefamily.fanniemae.com/fannie-mae-legal-documents.
The announcement states that lenders may start using the updated instruments immediately, but their use will only be required for loans with note dates on or after January 1, 2023. However, the July 2021 instruments cannot be used in combination with earlier versions. The announcement provides the example that a security instrument with a July 2021 footer must also be used with a note that has a July 2021 footer.
We are currently reviewing this announcement to determine any impact, and evaluating any modifications, to our document library and/or systems. Any modifications we make as a result will be announced on our website (https://compliance.docutech.com/).