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#1922827 - 05/13/14 07:37 PM MLO quits before loan closes; Note has her NMLS#
Lele Offline
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Lele
Joined: Feb 2007
Posts: 827
In the Sun
We have a Note with the NMLS# of a MLO that left our employ last week and the loan closed yesterday. The last page of the Note prints out the loan officer and their NMLS#. How should we deal with this? Since it is the note, not sure marking through the prior number and putting the current MLO's number on it is the correct way to handle this. Thank you.
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#1922845 - 05/13/14 07:55 PM Re: MLO quits before loan closes; Note has her NMLS# Lele
Dani York, CRCM Offline
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Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
Who handled the closing? The documents should have been re-done prior to closing to include the new LO that closed and will be handling the loan. I see nothing wrong with striking through the old LO's name and number and writing the name and number of the person who signed the note on behalf of the bank on the last page of the note. Have the customer come back in and inital the alteration. Short of that, have whoever signed the note on behalf of the bank write their NMLS number next to their signature. The reg doesn't say the LO's name and number have to be printed (by the computer) on the note, only that they must be included on the note.
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#1922860 - 05/13/14 08:15 PM Re: MLO quits before loan closes; Note has her NMLS# Lele
Lele Offline
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Lele
Joined: Feb 2007
Posts: 827
In the Sun
What if the one who signed is not a MLO?
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#1923323 - 05/14/14 08:59 PM Re: MLO quits before loan closes; Note has her NMLS# Lele
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Originally Posted By: Lele
What if the one who signed is not a MLO?
If he or she is a Loan Originator under 1026.36 but not an MLO under Regulation G (SAFE Act regsitration), his or her name must nonetheless appear, along with the name and ID number for the bank.
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