Document Updates: Fixed Rate Second Lien Note Changes
One of the long term projects Docutech has undertaken is a review of all our Second Lien Security Instruments and Notes. Fannie Mae no longer promulgates model forms for conventional second lien security instruments, but the FNMA instructions on second lien mortgages advises lenders that “Fannie Mae expects the second mortgage security instruments to be similar to first mortgage security instruments with respect to fairness to the borrower and the lender.”…