Selling Guide

Published December 16, 2020

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B8-5-01, General Information on Special-Purpose Legal Documents (05/01/2019)

Introduction

This topic contains information on special-purpose legal documents.

 

General Information

Fannie Mae has specialized mortgage loan documentation that a borrower must execute to ensure that any required additional responsibilities, obligations, or rights of the borrower, the lender, or a third party are set out in legal documents that are separate and apart from the security instruments, notes, and riders that are typically used for mortgages delivered to Fannie Mae. These specialized legal documents are required for:

  • mortgages to inter vivos revocable trusts,

  • co-op share loans,

  • Texas Section 50(a)(6) loans,

  • HomeStyle Renovation mortgages,

  • second mortgages that are part of a Community Seconds transaction, and

  • loans secured by community land trust properties.

Information about the requirements for each of these specialized mortgage documents can be found in the remaining topics in this chapter, and in B5-4.1-03, Texas Section 50(a)(6) Loan Underwriting, Collateral, and Closing Considerations. See the Legal Documents page on Fannie Mae’s website for the specialized legal documents.

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