On April 2, 2025, Fannie Mae announced revisions to the West Virginia Security Instrument (Form 3049), effective immediately. We have updated West Virginia Security Instrument Form 3049 (Cx25328), FHA West Virginia Deed of Trust (Cx26166) and WV Deed of Trust Second (Cx516) to align with the updates. Key changes include:
– Paragraph 1 (Cx25328, Cx26166): Removed language stating that unapplied funds may be held without interest until the loan is current and applied to principal before foreclosure if insufficient to bring the loan current.
– Paragraph 2(a) (Cx25328, Cx26166): Removed text specifying voluntary prepayments apply first to prepayment charges, then as described in the Note.
– Paragraph 3 (Cx516): Revised to clarify application of payments and proceeds:
– Payments applied to: (i) interest, (ii) principal, (iii) amounts due under Section 2.
– Delinquent payments applied to current payment, then oldest delinquent payments, late charges, other amounts due, and principal.
– Voluntary prepayments applied per the Note.
– Payment applications do not alter the payment schedule.
– Paragraph 26(c) (Cx25328, Cx26166): Removed Borrower’s waiver of personal service of notice for sales under the Security Instrument.
These revisions were made available for immediate use on the Fannie Mae website on April 2, 2025. The changes to Cx516, Cx25328 and Cx26166 are available for testing on Stage & Stage 2 servers and will take effect on April 22, 2025. If you have any questions or concerns, please contact Client Support at 1.800.491.3584.
LEG-2877
COM-5961
DR-179365