MLO required for NPN workout?

2 Replies

I would recommend it for a few reasons

1)  If you latter decide to sell the loan having qualified the buyer will make the loan much more salable

2)  There is no point doing a loan mod if the borrower(s) can't afford to repay.

I have not heard of a MLO being needed to do loan modifications I know at FCI the asset managers negotiate with the borrowers to modify the non performing loans. I have also seen modifications that have been done by PPR . They are just signed off by a representative of the company.  I would like to hear more on this topic if anyone has any input.