Document Updates: Cx474 DC Deed of Trust Second

According to DC ST 42-818(a), a trustee is allowed to receive commission on the proceeds of sale in foreclosure.  If the mortgage does not fix the rate of commission the trustee is entitled to the statutory rate.  Our DC Second Deed of Trust (Cx474) had both the amount and the percentage for the rate of commission. The FNMA DC model form (FNMA form 3009) only has the percentage.  The law does not specify if the amount or percentage should be used.  Because of this we have adjusted Cx474 to mirror the FNMA model form.

These changes are available for testing on Stage & Stage 2 servers and will take effect on December 27, 2023. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.

DR-146786

The preceding is for informational purposes only and is not and may not be construed as legal advice. No third party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third party should consult with an attorney prior to embarking upon any specific course of action.