Escrow, insurance requirements spelled out in new mortgage form

Realty Check

By Erica Minchella

Erica Crohn Minchella, is the head of the boutique real estate firm of Minchella & Associates, Ltd., handling residential and commercial real estate transactions and litigation such as foreclosure defense, quiet title, and partition actions. erica@ecminchellalaw.com

Posted January 24, 2023 11:28 AM

Just as many Illinois lenders’ mortgage documents have been updated recently, Fannie Mae’s and Freddie Mac’s mortgage documents have also been updated to reflect changes in the way transactions have changed, through advances like e-signing and electronic transfers.Fannie Mae’s and Freddie Mac’s updates have also addressed issues that have arisen in foreclosures since the 2008-2009 recession. The new mortgage forms have significantly clarified particular aspects of mortgage transactions. My …

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