In October 2017, the content of FNMA/FHLM Form 3749 was added to the Maine Assignment of Mortgage (Cx1529) in ConformX. As announced previously, lenders must use the new Fannie Mae/Freddie Mac MERS Mortgage Assignment (Form 3749) for loans in Maine with a note date on or after January 1, 2018, if the loan is to be registered with Mortgage Electronic Registration Systems, Inc. (MERS).
Since new Form 3749 must be used to assign loans into MERS, instead of using the MERS as Original Mortgagee (MOM) version of the Maine mortgage, the “To MERS” version of the Maine assignment will be triggered by default in place of the MERS mortgage for Maine loans with Closing Date on or after January 1, 2018. Various global field mapping changes will be added to accomplish this result.
When:
- Property State (field 1714) is Maine,
- MERS Number (field 1087) is populated, and
- Closing Date (678) is on or after 01/01/2018,
Then:
- MERS (field 18100) will be set to “No”.
This mapping will trigger the non-MOM/non-MERS version of the Maine mortgage to print. Depending on the type of loan, this will affect ME Mortgage (Cx330), FHA ME Mortgage (Cx19377), ME Mortgage Second (Cx488), or HELOC Mortgage – ME (Cx3060).
- Print Regular To MERS/Non-MERS Assignments (field 42380) will be set to “Yes“.
This mapping will trigger the ME Assignment of Mortgage (Cx1529) to print.
- MERS Assignment Type (field 18143) will be set to “To”.
This mapping will trigger the To MERS (FNMA/FHLMC Form 3749) version of ME Assignment of Mortgage (Cx1529) to print.
In addition, a new data integrity “Hard Stop” error will be added to Closing document packages to stop clients from printing the MOM/MERS mortgage for Maine for Closing Dates on or after January 1, 2018. This will act as a fail-safe precaution in case clients have custom field mappings that would continue to trigger the MOM mortgage.
When:
- Document Package Type (field 18215) is Closing,
- Property State (field 1714) is Maine,
- MERS (field 18100, triggers MERS mortgage) is “Yes”, and
- Closing Date (678) is on or after 01/01/2018,
Then the following data integrity error message will appear:
The Maine MERS assignment (FNMA Form 3749) must be used instead of the MERS as original mortgagee version of the Maine mortgage for notes dated on or after 01/01/2018. This loan is set to print the MERS mortgage.
These field mapping changes and new data integrity check will be in place on December 22, 2017. These changes are currently available on ConformX Stage for testing. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
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