Cx1583 is a duplicate of FNMA Form 3172 (“New York Consolidation, Extension and Modification Agreement”), which is available on FNMA’s website (https://www.fanniemae.com/singlefamily/special-purpose-documents). According to the instructions to this form, if MERS is named as the mortgagee of record, certain MERS-specific language must be added to the document, including a new definition “(E)” which defines MERS and includes both the Post Office box and street addresses for MERS.
Cx1583 currently only lists the P.O. Box address in this definition, thus making the document a “nonstandard” one under FNMA’s rules (see FNMA 2017 Selling Guide A2-2.1-03 & B8-2-01). While FNMA accepts “nonstandard” documents, we will be adding MERS’ street address to the definition to improve the document and make it “standard.”
This change will take effect on June 2, 2017. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.