DocMagic will be updating the FHA and VA notes and security instruments later this year. As noted in several prior articles, Fannie Mae and Freddie Mac published new versions of their Uniform Instruments in July 2021, with a required use date as of January 1, 2023. DocMagic plans to update our standard conventional documents to these new versions as of August 12, 2022. In addition to those changes, DocMagic will also be making updates to the notes and security instruments used for FHA and VA loan types.
The FHA updated its Lender Handbook in September 2015 to no longer require use of its published note and security instruments, but to instead require use of the published uniform instruments from Fannie Mae and Freddie Mac, with FHA-specific modifications. As a result of the changes published by Fannie Mae and Freddie Mac, FHA notes and security instruments should also be based on the new versions of those uniform instruments as of January 1, 2023.
The VA lender handbook does not specify the forms that must be used for its notes and security instruments, but also includes some VA-specific requirements to the forms that are used. DocMagic has published VA notes and security instruments that rely on the conventional uniform instruments with those VA-specific modifications. As a result of these changes, DocMagic intends to also update the notes and security instruments used for VA loans.
Accordingly, DocMagic is currently reviewing and making revisions to the notes and security instruments used for FHA and VA loans. The revised forms will be available for testing in our stage environment by the end of December 2022 and released to our production environment in early 2023.
As we move closer to these dates, DocMagic will continue to provide more detail on these updates. Please contact the Compliance department with any related
