Primary Changes

Updated Form 4804 to:

• clarify the Loan Documents definition; 
• add new Event of Default options for: 
  • Borrower's failure to:
    • maintain insurance; 
    • maintain the Mortgaged Property; and
    • permit access to inspect the Mortgaged Property; and
  • unauthorized action or litigation against the Mortgaged Property, Guarantor, or Key Principal; 
• require Fannie Mae review if any Event of Default is not listed or accurately described; and
• advise the Borrower that, per the Loan Documents, these failures may be Events of Default and trigger recourse provisions. 

Questions

Please contact Rodney Roe at (972) 656-8816, or [email protected], with any questions.