As previously announced, FNMA and FHLMC have published revised uniform instruments that must be utilized for all loans delivered to the GSEs with note dates on or after January 1, 2023. We have also announced that these documents are available for testing and can be currently used upon client request.
We are in the process of reviewing other forms that are based on the GSE uniform instruments to determine what changes, if any, should be made. Most notable among these other forms are the FHA notes and mortgages. At this time, we have determined that we will continue to use the FHA notes and mortgages based on the 2001 GSE uniform instruments until we receive further clarification from FHA. This is because the instructions published by FHA in 2015 to modify the GSE uniform instruments do not directly align with the revised 2021 GSE uniform instruments, leaving several questions regarding implementation unclear.
Docutech’s Legal and Compliance department is closely monitoring this situation and is researching the specific modifications to the FHA documents pending further guidance from FHA. This approach will allow us to move quickly if FHA directs that the forms should be modified.
We have also published the following article to further explain the details surrounding this issue:
“Should I Stay or Should I Go?” GSE Uniform Instruments and FHA Loans
We have contacted FHA regarding our questions and have not received any guidance as of the date of this update. We also continue to work with industry groups and partners to obtain more information from FHA on this matter. We encourage our clients to reach out to their contacts at FHA to request guidance as well. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.