Fannie Mae and Freddie Mac recently published a revision to the West Virginia Deed of Trust Uniform Instrument. The updates include removing language from each of the following Uniform Covenants:
Section 1 – Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges:
“If each Periodic Payment is applied as of its scheduled due date, then Lender need not pay interest on the unapplied funds. Lender may hold such unapplied funds until Borrower make payment to bring the Loan current. If Borrower makes a payment or partial payment that is not sufficient to bring the Loan current, such funds, if not applied earlier, will be applied to the outstanding principal balance under the Note prior to foreclosure.”
- Section 2(a) – Application of Payments or Proceeds:
“Voluntary prepayments will be applied first to any prepayment charges and then as described in the Note.”
- Section 26(c) – Notice of Sale; Sale of Property:
Borrower “waives personal service of notice of any sale made under this Security Instrument, upon Borrower, its devisees, agents, successors, or assigns, and also…”
In addition to the section updates, the West Virginia Deed of Trust tagline in the footer has been updated to show a version date of (Form 3049 07/2021 (rev. 03/25)).
The updates are mandatory within six months from the publication of the revised model form. DocMagic will be updating first-lien West Virginia Deed of Trust forms, including FHA and VA versions that follow the Uniform Instrument, to remove the indicated language and update the tagline in the footers. The updated forms will be available in production as of April 17, 2025.
