As previously announced, DocMagic released the new versions of all Conventional Uniform Instruments published by Fannie Mae and Freddie Mac on August 12, 2022. These revisions are dated with a 07/2021 revision date. This update included fixed-rate notes, SOFR adjustable-rate notes, riders, security instruments and special purpose documents.
This update was only the first phase of several updates DocMagic will be making in the coming months. As announced last month, DocMagic will also be making updates to our FHA and VA notes and security instruments as a result of this change by the GSEs.
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 in November 2022 and released to our production environment in December 2022.
As we move closer to these dates, DocMagic will continue to provide more detail on these updates. Please contact DocMagic's Compliance Department with any related questions.
