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Announcement 2026-027 Corrected Note Changes

Announcement 2026-027 Corrected Note Changes

Corrected Note Changes

Newrez LLC "Newrez" Approved Correspondent Clients; please note that our Custodian, Deutsche Bank, has changed their corrective note process.  Below are the listed policy changes that are effective immediately. Clients should ensure that all notes are correct before sending them to Deutsche Bank. 

Furthermore, requests for the return of an incorrect note should no longer be submitted to the Client Manager, rather be made directly to Deutsche Bank at the time the original corrected note is submitted.

Shipping Address for All Note Swaps

Clients must send all Note Swap packages directly to:

Deutsche Bank Document Custody
1761 E Saint Andrew Place
Santa Ana, CA 92705
ATTN: Newrez Note Swaps

Packages must be correctly addressed. Misaddressed or incomplete packages may result in processing delays.

Required Package Contents

Each Note Swap package must include:

  • The new original note requiring swap
  • A completed return airbill label (FedEx or UPS)
  • A return envelope (FedEx or UPS)
  • One airbill per package — no exceptions
  • No co‑mingling with other request types or documents

If any required item is missing, the package will be returned unprocessed

Processing Timeframe

The target Service Level Agreement (SLA) for note swaps is 5 business days from receipt at the Santa Ana facility.

Return of Swapped Notes

Document Custody does not shred swapped notes.

All original (swapped‑out) notes will be:

  • Placed in the client‑provided return envelope
  • Returned via the client‑provided airbill
  • Shipped immediately upon completion of the swap
  • No exceptions will be made
  • No email confirmations will be provided


Note: If an airbill is missing, both the replaced and new note are filed with an exception. The client must request the file, correct the exception by removing the invalid note, and return the file for reinstatement.

Partial Note Swaps Policy Update

Document Custody will no longer engage in the acceptance or processing of partial note swaps or page swaps. We will only swap complete notes.

If page swaps are required, they must be performed by the client, servicer, or correspondent by requesting release of the file, conducting note maintenance, and sending the complete note back to Document Custody for reinstatement.

Any individual pages received will not be processed and may be placed in the file causing an exception that will require file release, client or correspondent remediation, and return for reinstatement.