After a review of the language that prints for our signature lines for Trusts, we have decided to update our standard Trust signatures to provide the Freddie Mac verbiage for settlor signature lines for FHLMC loans, as outlined here in their guidelines. The differences between the Fannie Mae and Freddie Mac language are described in this chart:
We have created a new field, 155518 “Use Freddie Mac (FHLMC) Trustee and Settlor Signature Text”, to trigger the use of the new FHLMC signature line language. Subsequent to the upcoming ConformX software release, we will globally map the new field “Use Freddie Mac (FHLMC) Trustee and Settlor Signature Text” to “Yes” when the field is empty and any of the following are true:
- Field 27242 “Documents to Use” is set to field option “Freddie Mac”;
- Field 28860 “Document Investor Institution” is set to field option “Freddie Mac (FHLMC) (FHLM)”; or
- Field 18133 “Loan Investor Institution” is set to field option “Freddie Mac (FHLMC) (FHLM)”
This global mapping will be in place on August 13, 2022.
In addition, “under trust instrument dated” will be replaced with “under trust agreement dated” and the settlor signature lines will reflect the Freddie Mac version of text on the following documents when “Use Freddie Mac (FHLMC) Trustee and Settlor Signature Text” is ‘Yes’:
- Inter Vivos Revocable Trust Acknowledgment (Cx21130)
- NY CEMA GAP – Inter Vivos Revocable Trust Acknowledgment (Cx16254)
- Inter Vivos Revocable Trust Rider (Cx21131)
- NY CEMA GAP – Inter Vivos Revocable Trust Rider (Cx16253)
Effective Date
The new field 155518 “Use Freddie Mac (FHLMC) Trustee and Settlor Signature Text” and the changes to the documents are on UAT server for testing with the software changes and will be pushed to Production the night of the release, August 5, 2022. The global mapping to set “Use Freddie Mac (FHLMC) Trustee and Settlor Signature Text” to ‘Yes’ under the conditions previously stated will be live August 13, 2022. If you have any question or concerns about these changes, please contact Client Support at 1.800.497.3584.
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