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#1974857 - 11/06/14 06:18 PM NMLS on modification of mtg?
shea930 Offline
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Joined: Dec 2008
Posts: 267
If we are modifying a mortgage we currently have on piece of property and citing that mortgage on a new loan....do we need to include the NMLS# on the modification of mortgage we are recording?

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S.A.F.E. Act Forum
#1978667 - 11/24/14 07:31 PM Re: NMLS on modification of mtg? shea930
RR Joker Offline
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RR Joker
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Posts: 20,656
The Swamp
Yes.
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#1978913 - 11/25/14 03:18 PM Re: NMLS on modification of mtg? shea930
John Burnett Offline
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John Burnett
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Cape Cod
I don't see anywhere that the NMLS number would be required on a modification agreement. I see no harm in doing so, however.
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#1979006 - 11/25/14 05:45 PM Re: NMLS on modification of mtg? shea930
Dani York, CRCM Offline
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Dani York, CRCM
Joined: Apr 2005
Posts: 3,663
TN
If they are filing a modification of the deed, I would classify that as a security document, which is required to have the NMLS information listed. I know in our shop, deed modifications are listed in the security agreement on renewal notes along with the original deed filing related to the collateral property address.

Regardless, listing the NMLS information is 1--easy and 2--doesn't hurt you to list even if it's not required.

Personally, the SAFE Act and the Reg Z requirement to list the NMLS number on certain documents are 2 of the dumbest pieces of mortgage reform. Neither add any real value, and really only act as regulatory "gotcha" fodder. If you have to ask, just list the number and move on to something that can really hurt you, like RESPA tolerance violations and ATR/QM violations.
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