As noted in prior articles, Fannie Mae and Freddie Mac published new versions of their Uniform Instruments in July 2021, with a required use date of January 1, 2023. DocMagic moved to the new versions of standard conventional documents as of August 12, 2022. In addition, DocMagic announced that we would be making updates to the notes, riders and security instruments used for FHA and VA loan types as a result of the uniform instrument changes.
DocMagic released optional FHA instruments following the new uniform instruments and authorized modifications provided by FHA for model mortgage and notes. The new FHA notes, riders and security instruments were released on February 16, 2023.
The Department of Veterans Affairs does not specify use of any specific note or security instrument, requiring only that security instruments used contain certain provisions as required by the VA Lender Handbook. Current VA instruments meet all requirements contained in the VA Lender Handbook and may continue to be used without issue.
DocMagic is also providing new VA notes, riders, and security instruments to follow the language of the July 2021 uniform instruments. The optional forms were released to production on March 23, 2023.
Lenders may also choose to use the new conventional instruments, with a supplemental rider to satisfy VA requirements for the security instrument, DocMagic’s VA Assumption Policy Rider (DocMagic Form ID: VAPR.RDR).
Clients are currently able to request an account setting to provide the new FHA notes, riders, and security instruments. As of May 1, 2023, the account setting will also be used to select the new VA forms based on the July 2021 uniform instruments.
For questions, or to request a change to account settings, please contact DocMagic’s Customer Service.
