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