In our last issue, we advised that DocMagic's default security instrument for all non-FHA, New Mexico loans, as of the middle of August, 2008, will be a deed of trust based on Fannie Mae and Freddie Mac's mandate that a deed of trust be used, beginning September 1, 2008.  However, after publication of last month's article, Fannie Mae announced by email to selected parties, including DocMagic's Compliance and Forms Departments, on August 29, 2008, that mandatory use of the deed of trust will be delayed until October 1, 2008, to give lenders adequate time to complete the transition from a mortgage to a deed of trust.  Lenders must now begin using Fannie Mae/Freddie Mac's deed of trust for loans closed on or after October 1, 2008.

As DocMagic will continue to default with Fannie Mae/Freddie Mac's deed of trust for all non-FHA New Mexico loans, please contact DocMagic's Customer Service Department, at (800) 649-1362, if you wish to use Fannie Mae/Freddie Mac's New Mexico mortgage instead until October 1, 2008.