On July 7, 2021, Fannie Mae and Freddie Mac (the “GSEs”) announced changes to all uniform instruments, except those being retired - including notes, riders, security instruments, addenda, and special-purpose documents.
The GSE’s websites will continue to provide both the current versions of the uniform instruments and the updated versions, which have a Jul. 2021 footer date. The announcements provide that the updated uniform instruments may be used now but will only be mandatory for loans with a note date on or after the effective date of January 1, 2023. An 18-month transition period was provided to allow the industry time to prepare for the transition.
The updated uniform instruments cannot be used in any combination with earlier versions. For instance, if a July 2021 security instrument is used, the applicable July 2021 note must also be used.
Fannie Mae’s Selling Guide Update (SEL-2021-06) states that the changes to the uniform instruments were made to “enhance clarity and usability.” Fannie Mae has posted the updated versions of the documents and a Uniform Instrument Update Fact Sheet to their web page. The fact sheet states that the updates are the result of a comprehensive review in collaboration with Freddie Mac.
Freddie Mac has a new 2021 Uniform Instruments web page which provides a list of affected documents and authorized changes. The Single-Family Seller/Servicer Guide also includes the updates in Exhibit 4A and 5A. The prior Exhibits 4 and 5 will be retired after the new effective date.
DocMagic is in the process of preparing the new uniform instruments for release. As our new versions are created, they are available in our testing environment. Users may review these in the Forms Manager, though they are currently saved under a modified Form ID that includes a “PRJ” notation. For example, the new version of the US3200.NOT can be found using the US3200PRJ.NOT Form ID.
DocMagic is finalizing a release date for Spring 2022 and will provide additional information in a future update.
