In our February, 2008 issue, DocMagic, Inc.'s Compliance Department advised that it had updated Fannie Mae's/Freddie Mac's Massachusetts mortgage as well as its other mortgages and assignments to comply with Section 3 of Chapter 206 of the Acts of 2007.  Click here for the February, 2008 article.

To comply with the new law, the Compliance Department added the following Mortgage Broker verbiage after the acknowledgement section in the mortgages and assignments:

• No mortgage broker was involved with this Mortgage.
• The following mortgage broker was involved with this Mortgage:

            Name of Mortgage Broker:

            License No.:

            Address:

Please note that the above-referenced Mortgage Broker information will no longer appear after the acknowledgment section of the Massachusetts mortgages.  Instead, the Compliance Department has incorporated the authorized change of Freddie Mac by adding a new paragraph (C-1) or (D-1) (for MERS' versions), as follows:

(C-1) or (D-1)        "Mortgage Broker" is _________________________. Mortgage Broker's post office address is____________________________________ and Mortgage Broker's license number is_____________________.

If a DocMagic user does not enter any identifying broker information in the worksheet, please note that "No mortgage broker" will populate in the blank fields found in the above paragraph.

Although Fannie Mae has adopted the above-referenced authorized change, it has not yet posted updated Instructions to its Massachusetts Security Instrument Form 3022.  A contact at Fannie Mae has advised the Compliance Department that updated Instructions containing the authorized change should be posted to its website soon.  If you have any questions regarding the contents of this article, please contact the Compliance Department.