As noted in previous 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 moved to the new versions of standard conventional documents as of August 12, 2022. In addition to these 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 after the mandatory use date.
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 the first quarter of 2023.
As we move closer to these dates, DocMagic will provide more details prior to a release. Please contact the Compliance department with any related questions.
