A “Waiver of Homestead” section is included in the North Dakota security instruments due to the following provision:
“A mortgage on a homestead which is executed after June 30, 1991, and which is not a purchase money contract must contain the following statement printed in a conspicuous manner:
I understand that homestead property is in many cases protected from the claims of creditors and exempt from judicial sale and that, by signing this contract, I voluntarily give up my right to this protection for this property with respect to claims based upon this contract.
This statement must be immediately followed by the date and the signature of the person to indicate that the person is specifically and knowingly waiving the exemption, which must be a separate signature from that person’s signature to the entire mortgage contract.”
(N.D. Cent. § 47-18-05.1(1))
Similarly, a “HOMESTEAD EXEMPTION WAIVER” section is included in the Iowa security instruments due to the following:
“Except as otherwise provided in subsection 2, if a homestead exemption waiver is contained in a written contract affecting agricultural land as defined in section 9H.1, or dwellings, buildings, or other appurtenances located on the land, the contract must contain a statement in substantially the following form, in boldface type of a minimum size of ten points, and be signed and dated by the person waiving the exemption at the time of the execution of the contract:
I understand that homestead property is in many cases protected from the claims of creditors and exempt from judicial sale; and that by signing this contract, I voluntarily give up my right to this protection for this property with respect to claims based upon this contract.”
(Iowa Code Ann. § 561.22(1)(a))
ConformX contains a system default setting which allows the user to include or exclude the word “DATE” in the security instrument borrower signature lines. To ensure the requirements of the above North Dakota and Iowa state laws are met, the homestead waiver borrower signature lines of the following documents have been modified to use a new set of borrower signature lines (field # 95238) which will always include the “DATE” prompt, regardless of the ConformX “DATE” prompt setting:
- Cx337 – ND Mortgage
- Cx390 – ND Mortgage FHA
- Cx495 – ND Mortgage Second
- CX3028 – HELOC Mortgage – ND
- Cx321 – IA Mortgage
- Cx374 – IA Mortgage FHA
- Cx479 – IA Mortgage Second
- Cx1377 – HELOC Mortgage – IA
- Cx6827 – Iowa – Construction Mortgage
These document changes will take effect on February 7, 2015. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.
February 4, 2015
DR 160027