Modification number. If we do not generate a specific modification number in our core system would we just leave this blank?
Is this field used if we are changing the loan number?
If there is no change the loan number when modified, you can enter the same number into the Original Loan Number and Modification Loan Number field. We do see some customers enter a different modification loan number, and others may just make a slight change, like adding a suffix, to the number for use in the modification.
- What is the Instrument Number field in reference to in the ModDocs platform? Is this supposed to the instrument number for the AOR? We do not record the loan agreement.
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- From the screenshot above, the Instrument Number field is for when “Yes” is selected for Separate Assignment of Leases and Rents (“ALR”). The GoDocs ALR is a recordable document. If there was a separate, recorded ALR in the original loan documents that are being modified, we can include a reference to the instrument number in the recitals of the modification documents. The Instrument Number field is an open field, so you can enter the information as it applies to the document, such as “Book 1, Page 3” or “MP123-456”, etc. The loan agreement is not expected to be recorded and no such recording information is asked for that document.