According to the signature requirements from Freddie Mac Seller Guide 5103.7(b)(i)(A), “[e]ach beneficiary of a Land Trust who is a Borrower must sign the Note in that beneficiary’s individual capacity.” Since it is the Land Trust beneficiaries who are required to sign the Note, not the Land Trust trustees, our default behavior is to not have the Land Trust trustees sign the Note. This is done by having field 121714 “Exclude Land Trust Signature Lines from the Note” set to ‘Yes’ by a global standard value mapping. However, if clients wish to have the Land Trust trustees sign the Note as well, they can do so by setting field 121714 to ‘No’.
In conjunction with the Land Trust trustees signing the Note, we offer the document IL Land Trust Addendum to the Mortgage Note (our Cx4937). This document supplements the Note with Land Trust trustee language when the trustee of an Illinois Land Trust is also signing the Note. To align the printing behavior of Cx4937 with the Land Trust trustees signing the Note, we are modifying the configuration of Cx4937 to only print when field 121714 “Exclude Land Trust Signature Lines from the Note” is set to ‘No’. This means that by default the Land Trust trustees will sign the Note and get the Addendum under the same conditions. Clients wishing to modify this functionality can set up custom standard value mappings on field 121714 and/or set up a custom print configuration for Cx4937.
This change is available for testing on Stage & Stage 2 servers and will be in effect on February 14, 2025. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR-171965