Disclosures and Acquisitions

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Question:

We received a mortgage loan application and sent out the initial disclosures. During the loan process the loan officers mortgage company was acquired by another. Does this require a new loan or can we just update the company name and NMLS so it is correct on our loan documents (the Note and Deed of Trust)?

Answer:

Not sure what you mean by new loan. If the old company was acquired, you would just change the creditor's name on the next set of disclosures issued. If you think you need to do more, you could include a FKA (formerly known as) designation.