Excerpt:

COMMITTEE MEMBER: Can you explain what you are in
4 relation to that?
5 MR. HULTMAN: We’re the beneficiary, but we’re an
6 agent of the lender. So instead of having two — one party be
7 both the payee on the note and the beneficiary in deed of
8 trust, we’re the beneficiary as their agent. In other words,
9 we’re holding title to the mortgage lien on their behalf.
10 COMMITTEE MEMBER: Through this process called
11 nominee?
12 MR. HULTMAN: Well, nominee is just another word for
13 agent.

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Lender can’t modify the mortgage without the “mortgagee’s” consent

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