Fannie Mae and Freddie Mac have jointly developed master and short form security instruments that lenders can download and use in 27 states.The new forms, which will be available this spring, give lenders the option of filing a master deed of trust with the recording district and attaching the three-page short form to the closing documents of each mortgage transaction. "These documents are a tool that will allow lenders to better serve their borrowers, help streamline the process and save money on recording costs," Fannie senior vice president Marianne Sullivan said. Arizona, California, Florida, New York and Texas are some of the states where lenders can use the new forms.
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