Servicing Guide

Published September 9, 2020

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What are the requirements for refinancing an eNote mortgage using a a New York Consolidation, Extension and Modification Agreement (CEMA)?

The servicer must follow the acceptable refinance and lending practices in accordance with Chapter A2–2, Refinance and Lending Practices. The following table describes the servicer’s responsibilities when performing a New York CEMA on an eNote.

The servicer must...
 

Request a change in Control and Location of the eNote from Fannie Mae.

 

Print the Authoritative Copy of the eNote.

 

Update the status on the eRegistry to “INACTIVE-Converted to Paper.”

 

Attach the following to the printed Authoritative Copy of the eNote:

  • date of conversion on the MERS eRegistry;

  • the name and company of the person converting the eNote;

  • documentation from the MERS eRegistry reflecting registration, transfer history, and status of the eNote;

  • a statement indicating that the MERS transfer history and future paper endorsements are incorporated into the Note as an allonge;

  • a statement signed by an officer of the servicer indicating that the processes and methods used in printing the eNote ensured that

    • the information and signatures on the face of the printed eNote are a complete and accurate reproduction of those reflected on the face of the Authoritative Copy of the eNote;

    • the servicer, at the time of the conversion to paper, maintained control and possession of the eNote;

    • the eNote can no longer be transferred to a new note holder; and

    • the MERS eRegistry shows that the electronic eNote has been converted to a paper-based Note; and

  • any other allonge appropriate for the Note.

 

Ensure that the paper-based eNote reflects that it is an eNote that has been converted to paper and that the paper-based eNote is now the original Note.

 

Complete an assignment of the converted eNote to the lender originating the CEMA using the allonge.

 

Deliver the converted (paper) eNote to the lender that is originating the CEMA

The servicer must take the actions in the following table if the CEMA transaction is not completed. 

The servicer must...
 

Complete a reversal on the MERS eRegistry and return the original eNote to an “Active” status.

 

Destroy the paper eNote.

 

Complete an eDelivery of the Authoritative Copy to Fannie Mae.

 

Initiate a transfer of control and location of the eNote on the eRegistry back to Fannie Mae.

For more information please see Servicing Guide F-1-27: Servicing eMortgages.

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