Fannie Mae Releases New Master Form and Short Form Mortgage/Deed of Trust Documents
|July 25, 2007|
Fannie Mae Guide Announcement 07-13|
Summary - Guide Announcement 07-13
Fannie Mae and Freddie Mac have jointly developed uniform master and short form security instruments for first mortgage loans. In states with statutes that allow for the use of master and short form security instruments, recording the new short form mortgage or deed of trust (“Short Form”), which can be one quarter the length of the current security instruments, can result in significant savings in closing costs. The new uniform master form mortgage or deed of trust (“Master Form”) and Short Form documents have been placed on www.efanniemae.com. Lenders may elect to deliver first mortgage loans to Fannie Mae using the approved Master Form and Short Form documents in lieu of the current version of the Fannie Mae/Freddie Mac uniform first mortgage security instruments.