As a reminder, DocMagic delayed the release of the new conventional Uniform Instruments to August 12, 2022. After this date, DocMagic will automatically return the new 07/2021 versions of the Fannie Mae and Freddie Mac Uniform Instruments which have a required use date of January 1, 2023. No action is required from any of our clients, this change will happen automatically.
The revised 07/2021 version of the Uniform Instruments will remain available on our Stage environment for testing through the revised released date of August 12, 2022. On that date, the Uniform Instruments in our production environment will be updated to the new 07/2021 versions.
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 new Uniform Instruments, which include a footer date of 07/2021, are posted to the GSEs’ websites.
It should be noted that Fannie Mae and Freddie Mac did not include Spanish translations with the new Uniform Instruments or provide information regarding future updates.
DocMagic is in the process of updating our forms based on the new model instruments. The new versions are now available in our testing (Stage) environment in all standard conventional plans. Users may also view the new versions in the Forms Manager in the same Stage environment under the standard name, or in the production environment, 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.
As announced by the GSEs, 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. For this reason, DocMagic will be transitioning to the new Uniform Instruments in one release for conventional loans.
The new Uniform Instruments will be released after business hours on August 12, 2022 and will replace all Uniform Instruments currently being provided in packages. This includes fixed-rate notes, SOFR adjustable-rate notes, riders, security instruments and special purpose documents for first liens.
DocMagic plans on rolling out additional updates following the release of the new Uniform Instruments for conventional loans. The next phase will include revisions to modified and interest-only instruments. Additionally, FHA and VA notes and security instruments, which are based on the Uniform Instruments, with authorized changes, will be modified. More information regarding the next phase of releases will be announced at a future date.
DocMagic recommends that clients review custom forms modeled after the Uniform Instruments for any needed updates.
If you have any questions, please contact DocMagic’s Compliance Department.
