Compliance Docutech

Document Updates: Fannie Mae Model Form SOFR ARM Notes & Riders

Written by Abe Skousen | Sep 25, 2024 7:00:44 PM

As stated in Fannie Mae Selling Guide Announcement SEL-2024-03, the following SOFR ARM Notes and Riders have been updated and are available for immediate use, but these SOFR ARM Notes and Riders must be used for any loans with note dates on or after November 1, 2024.

Multistate Adjustable-Rate Note – 30-day Average SOFR (Form 3441)

      • Alaska Adjustable-Rate Note – 30-Day Average SOFR (Form 3441.02)
      • Florida Adjustable-Rate Note – 30-Day Average SOFR (Form 3441.10)
      • New Hampshire Adjustable-Rate Note – 30-Day Average SOFR (Form 3441.30)
      • Pennsylvania Adjustable-Rate Note – 30-Day Average SOFR (Form 3441.39)
      • Vermont Adjustable-Rate Note – 30-Day Average SOFR (Form 3441.46)
      • Virginia Adjustable-Rate Note – 30-Day Average SOFR (Form 3441.47)
      • West Virginia Adjustable-Rate Note – 30-Day Average SOFR (Form 3441.49)
      • Wisconsin Adjustable-Rate Note – 30-Day Average SOFR (Form 3441.50)

 

Multistate Fixed/Adjustable-Rate Note – 30-day Average SOFR (Form 3442)

      • Alaska Fixed/Adjustable-Rate Note-30-day Average SOFR (Form 3442.02)
      • Florida Fixed/Adjustable-Rate Note-30-day Average SOFR (Form 3442.10)
      • New Hampshire Fixed/Adjustable-Rate Note-30-day Average SOFR (Form 3442.30)
      • Pennsylvania Fixed/Adjustable-Rate Note-30-day Average SOFR (Form 3442.39)
      • Vermont Fixed/Adjustable-Rate Note-30-day Average SOFR (Form 3442.46)
      • Virginia Fixed/Adjustable-Rate Note-30-day Average SOFR (Form 3442.47)
      • West Virginia Fixed/Adjustable-Rate Note-30-day Average SOFR (Form 3442.49)
      • Wisconsin Fixed/Adjustable-Rate Note-30-day Average SOFR (Form 3442.50)

 

Multistate Adjustable-Rate Rider – 30-day Average SOFR (Form 3141)

      • West Virginia Adjustable-Rate Rider – 30-Day Average SOFR (Form 3141.49)

 

Multistate Fixed/Adjustable-Rate Rider – 30-day Average SOFR (Form 3142)

      • West Virginia Fixed/Adjustable-Rate Rider- 30-day Average SOFR (Form 3142.49)

As such, the following documents have been updated accordingly:

  1. Footers for Alaska, Florida, New Hampshire, Pennsylvania, Vermont, Virginia, West Virginia, and Wisconsin;
  2. New Hampshire – revised text in Attorneys’ Fees paragraph;
  3. West Virginia – $ character added to Late Charges for Overdue Payments paragraph when Late Charge Maximum Amount (FI 1025) is empty, and revised text in last paragraph of Uniform Secured Note paragraph;
  4. Pennsylvania – reformatted spacing in Effect of Survival Events paragraph; and
  5. Vermont – reformatted spacing in Notice to Co-Signer paragraph:
    • Cx25458     3441 3/6 SOFR ARM Note 2021

 

  1. Footers for Alaska, Florida, New Hampshire, Pennsylvania, Vermont, Virginia, West Virginia, and Wisconsin;
  2. New Hampshire – revised text in Attorneys’ Fees paragraph;
  3. West Virginia – $ character added to Late Charges for Overdue Payments paragraph when Late Charge Maximum Amount (FI 1025) is empty; and
  4. Pennsylvania – reformatted spacing in Effect of Survival Events paragraph:
    • Cx25460    3442 5/6, 7/6, 10/6 SOFR ARM Note 2021

 

  1. Footers for Alaska, Florida, New Hampshire, Pennsylvania, Vermont, Virginia, West Virginia, and Wisconsin;
  2. New Hampshire – revised text in Attorneys’ Fees paragraph; and
  3. West Virginia – $ character added to Late Charges for Overdue Payments paragraph when Late Charge Maximum Amount (FI 1025) is empty, and revised text in last paragraph of Uniform Secured Note paragraph:
    • Cx25975    1/1, 3/1 Treasury ARM Note 2021
    • Cx25981    5/5 5 Year Treasury ARM Note 2021
    • Cx26173    FHA Treasury ARM Note 2021

 

  1. Footers for Alaska, Florida, New Hampshire, Pennsylvania, Vermont, Virginia, West Virginia, and Wisconsin;
  2. New Hampshire – revised text in Attorneys’ Fees paragraph; and
  3. West Virginia – revised text in last paragraph of Uniform Secured Note paragraph:
    • Cx25963    VA Treasury ARM Note 2021
    • Cx25967    10 Year IO 3/6 SOFR ARM Note 2021
    • Cx25971    3 Year IO 3/6 SOFR ARM Note 2021
    • Cx25983    3 Year IO 3/1 Treasury ARM Note 2021

 

  1. Footers for Alaska, Florida, New Hampshire, Pennsylvania, Vermont, Virginia, West Virginia, and Wisconsin;
  2. New Hampshire – revised text in Attorneys’ Fees paragraph; and
  3. West Virginia – $ character added to Late Charges for Overdue Payments paragraph when Late Charge Maximum Amount (FI 1025) is empty:
    • Cx25977    5/1, 7/1, 10/1 Treasury ARM Note 2021

 

  1. Footers for Alaska, Florida, New Hampshire, Pennsylvania, Vermont, Virginia, West Virginia, and Wisconsin; and
  2. New Hampshire – revised text in Attorneys’ Fees paragraph:
    • Cx25969    10 Year IO 5/6, 7/6 SOFR ARM Note 2021
    • Cx25973    5,7,10 Year IO 5/6,7/6,10/6 SOFR ARM Note 2021
    • Cx25985    5, 7, 10 Year IO 5/1, 7/1, 10/1 Treasury ARM Note 2021

 

  1. Footer for West Virginia:
    • Cx25459    3141 3/6 SOFR ARM Rider 2021
    • Cx25461    3142 5/6, 7/6, 10/6 SOFR ARM Rider 2021
    • Cx25964    VA Treasury ARM Rider 2021
    • Cx25968    10 Year IO 3/6 SOFR ARM Rider 2021
    • Cx25970    10 Year IO 5/6, 7/6 SOFR ARM Rider 2021
    • Cx25972    3 Year IO 3/6 SOFR ARM Rider 2021
    • Cx25974    5,7,10 Year IO 5/6,7/6,10/6 SOFR ARM Rider 2021
    • Cx25976    1/1, 3/1 Treasury ARM Rider 2021
    • Cx25978    5/1, 7/1, 10/1 Treasury ARM Rider 2021
    • Cx25982    5/5 5 Year Treasury ARM Rider 2021
    • Cx25984    3 Year IO 3/1 Treasury ARM Rider 2021
    • Cx25986    5, 7, 10 Year IO 5/1, 7/1, 10/1 Treasury ARM Rider 2021
    • Cx26174    FHA Treasury ARM Rider 2021

 

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

LEG-2126
DR-155034

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.
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