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.
CLA Bankers Advisory is an Authorized MERS Patron Member
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.
Margaret Wright, JD, is regulatory compliance director with CLA. She is a graduate of Stonehill College and earned her juris doctor at Suffolk University Law School. She is admitted to the Massachusetts Bar.
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