Montana Revises Definition of “Alter” Pertaining to Mortgage Loan Documents
The state of Montana has updated the definition of “alter” as used in MCA 32-9-124(1)(l): mortgage licensees may not “knowingly withhold, abstract, remove, mutilate, destroy, alter, or keep secret any books, records, or other information from the department [of administration].”
Loan documents may not be altered by:
- Using correction fluid, correction tape, or any other means of changing or covering over a date or signature not on the original;
- Inserting a signature or date not on the original; or
- Making any other change to a document.
Permissible error corrections include:
- Reprint the document, have it re-signed, and retain the original document noting in the file why the document was reprinted and re-signed; or
- Strike out the error, put the correct text beside it, and initial and date the change.
Please contact our office to discuss a range of service options to help your organization complete its compliance obligation for MERS Quality Assurance. CLA Bankers Advisory is a MERS patron member and provides consulting services, including assessments necessary for completion of the MERS Annual Report process. Engagements evaluate completion of system-to-system reconciliation and validation of records between lenders, MERS, and any sub-servicer.