Fannie Mae and Freddie Mac (the “GSEs”) have published new state-specific model forms for the 30-day Average Secured Overnight Finance Rate (“SOFR”) adjustable-rate notes and riders. The new forms are being provided for states that require state-specific authorized changes, previously covered in the instructions for the Multistate versions of the forms. There are no substantive changes to the content of the forms except for including the state-specific authorized changes in individual forms, and updated state-specific taglines dated 05/2024.
Model Forms
| State | Form Name | Form Id |
|---|---|---|
| Alaska | Alaska Adjustable-Rate Note 30-day Average SOFR (3441.02) | AK3441.NOT |
| Alaska Fixed/Adjustable-Rate Note 30-day Average SOFR (3442.02) | AK3442.NOT | |
| Florida | Florida Adjustable-Rate Note 30-day Average SOFR (3441.10) | FL3441.NOT |
| Florida Fixed/Adjustable-Rate Note 30-day Average SOFR (3442.10) | FL3442.NOT | |
| New Hampshire | New Hampshire Adjustable-Rate Note 30-day Average SOFR (3441.30) | NH3441.NOT |
| New Hampshire Fixed/Adjustable-Rate Note 30-day Average SOFR (3442.30) | NH3442.NOT | |
| Pennsylvania | Pennsylvania Adjustable-Rate Note 30-day Average SOFR (3441.39) | PA3441.NOT |
| Pennsylvania Fixed/Adjustable-Rate Note 30-day Average SOFR (3442.39) | PA3442.NOT | |
| Vermont | Vermont Adjustable-Rate Note 30-day Average SOFR (3441.46) | VT3441.NOT |
| Vermont Fixed/Adjustable-Rate Note 30-day Average SOFR (3442.46) | VT3442.NOT | |
| Virginia | Virginia Adjustable-Rate Note 30-day Average SOFR (3441.47) | VA3441.NOT |
| Virginia Fixed/Adjustable-Rate Note 30-day Average SOFR (3442.47) | VA3442.NOT | |
| West Virginia | West Virginia Adjustable-Rate Note 30-day Average SOFR (3441.49) | WV3441.NOT |
| West Virginia Adjustable-Rate Rider (3141.49) | WV3141.RID | |
| West Virginia Fixed/Adjustable-Rate Note 30-day Average SOFR (3442.49) | WV3442.NOT | |
| West Virginia Fixed/Adjustable-Rate Rider (3142.49) | WV3142.RID | |
| Wisconsin | Wisconsin Adjustable-Rate Note 30-day Average SOFR (3441.50) | WI3441.NOT |
| Wisconsin Fixed/Adjustable-Rate Note 30-day Average SOFR (3442.50) | WI3442.NOT |
The updates were noted in Fannie Mae Selling Guide Announcement (SEL-2024-03) and Freddie Mac Bulletin 2024-6. The new instruments, available on the Fannie Mae and Freddie Mac websites, must be used for applicable loans with note dates on or after November 1, 2024.
DocMagic currently provides state specific versions of the multistate notes and riders that include the authorized changes. Beginning on August 8, 2024, these forms will be updated to also include the new tagline dated 05/2024.
