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#2165454 - 02/22/18 05:44 PM MLO Change
Antilles Offline
100 Club
Antilles
Joined: Jan 2007
Posts: 227
Southern US
We have a one time close construction permanent loan that when it closed MLO A was working for the Bank. By the time construction was completed and the loan is set to be modified MLO A is no longer employed with the Bank. Can I put MLO B on the modification documents or keep MLO A since that was the MLO listed on the originally closing documents? If it makes a difference MLO A was not paid compensation for the closing because our one-time construction permanents do not pay compensation to the MLO until it is modified.
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#2165472 - 02/22/18 06:14 PM Re: MLO Change Antilles
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,371
Galveston, TX
Placing the MLO NMLS information on documents is covered under Regulation Z 1026.36(g). If this is a modification that does not constitute a refinance under 1026.20, then you don't have to put NMLS numbers on the modification documents at all, as the transaction is exempt from Regulation Z.
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