A Puerto Rico SOFR ARM index note and rider have been provided by Fannie Mae and Freddie Mac in their new series of documents dated “07/2021”. Since the new SOFR note and rider can only be used with the new Puerto Rico Mortgage of the same date, the new suite of Fannie Mae/Freddie Mac Puerto Rico documents will be available on ConformX Production. While the new Puerto Rico forms will be available for use on ConformX Production to provide support for the SOFR ARM index, new legal documents for other states (currently security instruments for all states as announced here) will continue to be available for testing purposes only at this time.
Puerto Rico Legal Documents
The existing older set of Puerto Rico documents will continue to print by default, based on “Use New FNMA/FHLMC Legal Documents (07/2021)” (Field 152151) being set to “No”. This field is set by a Global Standard Value Field Mapping to “No” by default, and is part of the print configuration for the following documents:
- 3053 Puerto Rico Mortgage (Cx11682)
- 3053.1 Puerto Rico Acceptance of First Mortgage (Cx11683)
- 3140.53 Puerto Rico Condominium Rider (Cx11684)
- 3150.53 Puerto Rico PUD Rider (Cx11685)
- 3170.53 Puerto Rico 1-4 Family Rider (Cx11686)
- 3890.53 Puerto Rico Second Home Rider (Cx11687)
- 3253 Puerto Rico Fixed-Rate Note (Cx11680)
- 3501.53/3502.53 Puerto Rico Adjustable-Rate Note (Cx11681)
- 3108.53/3111.53 Puerto Rico Adjustable-Rate Rider (Cx11688)
The older multistate SOFR index forms have been modified to not print for Puerto Rico and to only print when “Use New FNMA/FHLMC Legal Documents (07/2021)” is set to “No”:
- 3441 Note ARM 3/6 30-day Average SOFR Index (Cx23830)
- 3141 Rider ARM 3/6 30-day Average SOFR Index (Cx23831)
- 3442 Note ARM 5-6, 7-6, 10-6 30-day Average SOFR Index (Cx23832)
- 3142 Rider ARM 5-6, 7-6, 10-6 30-day Average SOFR Index (Cx23833)
The following new versions of the Puerto Rico documents will print when “Use New FNMA/FHLMC Legal Documents (07/2021)” is set to “Yes”:
- 3053 PR Mortgage 2021 (Cx25331)
- 3053.1 PR Acceptance of First Mortgage 2021 (Cx25332)
- 3140.53 PR Condo Rider 2021 (Cx25438)
- 3150.53 PR PUD Rider 2021 (Cx25443)
- 3170.53 PR 1-4 Family Rider 2021 (Cx25447)
- 3890.53 PR Second Home Rider 2021 (Cx25450)
- 3253 PR Fixed Rate Note 2021 (Cx25457)
- 3442.53 PR 5/6, 7/6, 10/6 SOFR ARM Note 2021 (Cx25464)
- 3142.53 PR 5/6, 7/6, 10/6 SOFR ARM Rider 2021 (Cx25465)
Note that the Treasury ARM index documents have been replaced with the SOFR ARM index for Puerto Rico in the new set.
Puerto Rico Data Integrity Tests
The existing Global Data Integrity Test that stops the user for loan programs not supported for Puerto Rico (including for SOFR loans) has been modified to only display when “Use New FNMA/FHLMC Legal Documents (07/2021)” is set to “No”:
The following FNMA Puerto Rico Forms are currently available: First Mortgage 3053, Acceptance of First Mortgage 3053.1, FRM Note 3253, riders 3140.53, 3150.53, 3170.53, and 3890.53, ARM notes 3501.53 and 3502.53, and ARM riders 3108.53 and 3111.53. The loan type you have selected is not supported.
A new Global Data Integrity Test for Puerto Rico has been created to display when “Use New FNMA/FHLMC Legal Documents (07/2021)” is set to “Yes” and the loan is for a program that is not supported:
The following FNMA Puerto Rico Forms are currently available: First Mortgage 3053; Acceptance of First Mortgage 3053.1; Fixed Rate Note 3253; Property Riders 3140.53, 3150.53, 3170.53, and 3890.53; and SOFR ARM Note and Rider, 3442.53 and 3142.53. The loan type you have selected is not supported.
The changes above are available on Stage servers for testing and will take effect on April 15, 2022. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
TW 354599, 381952, and 387160