On January 31, 2024, Fannie Mae announced that the model form for the standard Texas security instrument (Form 3044) has been revised. Paragraph 27 entitled “Release” was updated to correct a typographical error.
The last sentence in paragraph 27 has been updated to add the word “and” so that it reads “Lender may charge Borrower a fee for releasing this Security Instrument, only if the fee is paid to a third party for services rendered and is permitted under Applicable Law.” Additionally, the footer date has been updated to 07/2021 (rev. 01/24). This update does not affect the Texas Home Equity Security Instrument (Form 3044.1).
Fannie Mae guidance provides that the update is effective immediately once published and is required to be in use no later than six months from the revision date, unless an earlier effective date is specified. DocMagic is updating applicable Texas security instruments to incorporate these changes and will have the revised versions in production beginning on February 15, 2024.
The TX security instruments that are affected include conventional versions along with FHA and VA versions that are based on the model form, including:
FORM ID | FORM TITLE |
TX3044.DOT | Texas Deed of Trust |
TX3044.MZD | Texas Deed of Trust (MERS) |
TX3044CO.DOT | Texas Deed of Trust – Construction |
TX3044CO.MZD | Texas Deed of Trust – Construction (MERS) |
TXDOT2N.FHA | FHA Deed of Trust - Texas |
TXDOTZ2N.FHA | FHA Deed of Trust – Texas (MERS) |
TXDOTN.VA | Texas VA Deed of Trust |
TXDOTZN.VA | Texas VA Deed of Trust (MERS) |
If you have any additional questions, please contact DocMagic’s Compliance Department.
To view the Fannie Mae 2021 Legal Document News and Updates Archive, click here.
