As announced earlier, FNMA and FHLMC have published revised uniform instruments that must be utilized for all loans delivered to the GSEs with note dates on or after January 1, 2023. Although the documents released were allowed to be used immediately upon publication, in our system the new uniform instruments have been available for testing only for the past few months. Due to client request, the new July 2021 uniform instruments will be pushed to Production to be available for use on October 1, 2022.
Please note that the updated July 2021 uniform instruments cannot be used in combination with any earlier versions. This means that a security instrument with a July 2021 footer must be used with a note that also has a July 2021 footer. Please also remember that, as announced, we will continue to use the FHA notes and mortgages based on the 2001 GSE uniform instruments until we receive further clarification from FHA.
Until the mandated usage date of January 1, 2023, clients will need to individually map field “Use New FNMA/FHLMC Legal Documents (07/2021)” (FI 152151) to “Yes” in order to use the new documents on Production. On January 1, 2023 field “Use New FNMA/FHLMC Legal Documents (07/2021)” will be globally mapped to “Yes”.
The new July 2021 uniform instruments will be available for use on Production servers on October 1, 2022. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
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