Multistate PUD Form 3150

I am being asked to sign a Multistate PUD Form (3150) that was supposedly missed when we refinanced in 2003. It appears to be a standard Fannie Mae form. Is it ok to sign this? Do I have to sign this?

1 Answer

You are correct, it is a Standard FNMA form.  Since the standard mortgage is a "Single Family" Fannie Mae Mortgage, the Rider is necessary to update the mortgage for the necessary PUD property you mortgaged, just as a condo rider would be required for a condo.  PUD stands for Planned Unit Development and is any property where HOA dues are paid for common areas that are maintained by the HomeOwners Association.  Hope that helps!

The Lender is probably getting ready to sell your loan in a FNMA pool of securitized loans or loans that have been in place for a long time and payments have been made on time.  When they were reviewing your file, they probably found that a PUD rider was required by none was recorded with the mortgage.  Since the Rider was not recorded in Public Records behind the mortgage, it will also be necessary to re-record the mortgage documents to show the PUD rider was completed and signed.  Otherwise the loan would be un-saleable to Fannie Mae.