Document Updates: Fannie Mae Updates 07/2021 Kentucky Security Instrument Form 3018 (Cx25296, Cx26133, and Cx484)

Fannie Mae recently announced revisions to Definitions (B) & (C) and the paragraph for “Transfer of Rights in the Property” in the Model Form for the Kentucky Security Instrument (Form 3018).

In Definition (B), “Lender’s address” has been revised to read, “Lender’s mailing address.”

In Definition (C), the following clause in parentheses at the end of the last sentence has been removed:

“(or, if the rate of interest is adjustable, may be interest added to principal, commonly called “negative amortization”).”

In the paragraph for “Transfer of Rights in the Property,” the clause “with power of sale” has been removed.

As such, the following documents have been updated:

Cx25296       3018 KY Mortgage 2021

Cx26133       FHA KY Mortgage 2021

Cx484           KY Mortgage Second

These changes are available for testing on Stage & Stage 2 servers and will take effect on August 8, 2024. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.

LEG-2250

DR-151750

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.