The new Freddie Mac/Fannie Mae mortgage required IFA to change the "CONVENTIONAL/RURAL DEVELOPMENT (RD) RIDER" TO "MORTGAGE – IFA Form MRB 04B" for FirstHome transactions.
IFA MRB 04B Rider has been adjusted to reference Paragraph 19 instead of Paragraph 18 to reflect the changes to the new Mortgage “Transfer of the Property or a Beneficial Interest in Borrower”.
Please Note for closings:
- Existing mortgage requires use of the current IFA form MRB 04B Conventional/RD Rider.
- New mortgage requires use of the new IFA form MRB 04B Conventional/RD Rider.
- Number of the Transfer of Property paragraph of the mortgage must match the Rider.
Lenders will have the ability to access both Riders in Lender Online.
