News & Updates
Revised Adjustable Rate Notes and Riders
Freddie Mac has revised our suite of Adjustable-Rate Mortgage (ARM) Notes and Riders to add a lifetime interest rate floor equal to the ARM&'s margin. Loan originators may begin using the Uniform Instruments immediately and must use them for Notes dated on and or after October 1, 2016.
The revised suite of ARM Notes and Riders will have a tagline revision date of 6/16.
Revised Wisconsin Mortgage
As a result of a change in law for Wisconsin, Freddie Mac has revised the Wisconsin Mortgage (Form 3050 1/01) section 24 titled "Accelerated Redemption Periods" to reduce the redemption period from six months to three months after a foreclosure is entered.
The revised Wisconsin Mortgage will show a tagline revision date of (Form 3050 1/01 (rev. 6/16)). Loan originators may begin using the revised version immediately and must use it for Wisconsin loans closed on or after January 1, 2017.
Removed Convertible Adjustable Rate Notes and Riders
Freddie Mac has removed all Convertible ARM Notes and Convertible ARM Riders from the Uniform Instrument website since these ARMs are not eligible for sale to Freddie Mac.
New and Revised Pennsylvania Uniform Instruments
As a result of recent judicial decisions, we have updated the Pennsylvania Mortgage (Form 3039) and have added to our suite of loan instruments three new Pennsylvania state-specific notes (Forms 3239, 3501.39, and 3502.39). Loan originators may begin using the Uniform Instrument immediately and must use them for all Pennsylvania loans closed on or after August 1, 2016.
The revised Pennsylvania Mortgage tagline will show a version date of (Form 3039 1/01 (rev. 2/16)).
**Please note the Spanish translation has not been revised
Please direct Uniform Instrument related questions or comments to the Uniform Instrument Mailbox: Uniform_Instruments@freddiemac.com
Inquiries relating to other topics should be submitted using the Contact Us feature on Freddiemac.com