During an audit of the FNMA multistate Notes, Addenda, and Riders, it was observed that we were populating the frequency of rate changes, usually found in paragraphs 4(A) and 4(D), with field values. To help ensure better compliance with the model forms, Docutech has updated several of the Note and Riders to use a hard-coded value, either “12” or “36” months (whichever is applicable) for the frequency of rate change. In addition, a few minor grammatical changes were made to more closely match the model forms.
The documents being modified are:
- Multistate Convertible ARM 1-year Treasury Index Note FNMA Form 3508 (Cx69)
- Multistate ARM 1-year Treasury Index Note FNMA Form 3522 (Cx75)
- Multistate ARM 3-year Treasury Index Note FNMA Form 3504 (Cx84)
- Multistate Fixed/Adjustable-Rate Rider – 1 year Treasury Index FNMA Form 3182 (Cx754 and Cx9387)
- Multistate Adjustable-Rate Rider- 3-year ARM FNMA Form 3114 (Cx734)
- Multistate Adjustable Rider ARM 5-1 and 5-2 FNMA Forms 3108 and 3111 (Cx731 and Cx7695)
These updates will be in effect on March 18, 2017. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DRs 222772, 223269, 223310, 223219, 223278, and 223282