1) Number of Copies:
Currently, the following inter vivos revocable trust documents print multiple copies in proportion to the number of such trusts involved with a loan transaction, with each copy bearing the name of one trust:
- Inter Vivos Revocable Trust Addendum to Note (Cx1219)
- Inter Vivos Revocable Trust Acknowledgment (Cx3142)
- Inter Vivos Revocable Trust Rider (Cx1482)
- NY CEMA GAP – Inter Vivos Revocable Trust Addendum to Note (Cx16255)
- NY CEMA GAP – Inter Vivos Revocable Trust Acknowledgment (Cx16254)
- NY CEMA GAP – Inter Vivos Revocable Trust Rider (Cx16253)
We will be changing our standard inter vivos documents so that they print one copy per transaction, with the names of all trusts appearing on each document. When there is more than one trust, the text of the documents will dynamically change to list each trust in the “Definitions” sections and the word “Trust” will change to the plural form “Trusts” within the body of the documents. The change will be made directly to the NY CEMA GAP documents, but a new series of documents will print generically in place of the other three:
- Inter Vivos Revocable Trust Addendum To Note (Cx21132)
- Inter Vivos Revocable Trust Acknowledgment (Cx21130)
- Inter Vivos Revocable Trust Rider (Cx21131)
All custom settings and print conditions from Cx1219/Cx3142/Cx1482 will be moved over to the new standard set Cx21132/Cx21130/Cx21131.
2) Individual Borrower Signature on Rider if set to Sign Security Instrument
Currently all non-purchasing entities/spouses sign the Inter Vivos Revocable Trust Rider as individuals (in addition to the trustees and settlors). In the updated Rider, if “Title Vesting Includes Individuals in Addition to Name of Trust” (field 46264) is set to Yes, or “Borrower Signature Lines Appear on Sec. Ins. for Trust Loans” (field 46270) is set to Yes, the borrowers will also sign the Rider as individuals.
3) “Settlor” Flexibility
New optional functionality has been added by client request to allow the term “Settlor” to be replaced in each of the generic inter vivos documents with one of the following terms:
- Settlor
- Trustor
- Grantor
- Trustmaker
The new related fields are as follows:
- Trust 1 Settlor Terminology (field 101935)
- Trust 2 Settlor Terminology (field 101936)
- Trust 3 Settlor Terminology (field 101937)
- Trust 4 Settlor Terminology (field 101938)
If these fields are left empty, the current terminology will still be used, which means “Grantor” will print for Washington, “Trustor” will print for Montana, and “Settlor” will print for all other states by default.
The updated versions of the generic inter vivos documents are currently available on ConformX Stage servers, and will be moved to Production on February 9, 2017. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DRs 164868 and 192980