diff --git a/versions-common/src/main/java/org/codehaus/mojo/versions/api/PomHelper.java b/versions-common/src/main/java/org/codehaus/mojo/versions/api/PomHelper.java
index 9583bf28c7..325f929095 100644
--- a/versions-common/src/main/java/org/codehaus/mojo/versions/api/PomHelper.java
+++ b/versions-common/src/main/java/org/codehaus/mojo/versions/api/PomHelper.java
@@ -106,7 +106,9 @@ public static Model getRawModel(MavenProject project) throws IOException {
     public static Model getRawModel(File moduleProjectFile) throws IOException {
         try (Reader reader =
                 new BufferedReader(new InputStreamReader(Files.newInputStream(moduleProjectFile.toPath())))) {
-            return getRawModel(reader);
+            Model result = getRawModel(reader);
+            result.setPomFile(moduleProjectFile);
+            return result;
         }
     }
 
diff --git a/versions-maven-plugin/src/it/it-set-issue-848/invoker.properties b/versions-maven-plugin/src/it/it-set-issue-848/invoker.properties
new file mode 100644
index 0000000000..f21410e6a3
--- /dev/null
+++ b/versions-maven-plugin/src/it/it-set-issue-848/invoker.properties
@@ -0,0 +1,2 @@
+invoker.goals = ${project.groupId}:${project.artifactId}:${project.version}:set
+invoker.mavenOpts = -DnewVersion=TEST
diff --git a/versions-maven-plugin/src/it/it-set-issue-848/moduleA/moduleA.xml b/versions-maven-plugin/src/it/it-set-issue-848/moduleA/moduleA.xml
new file mode 100644
index 0000000000..dd5d623021
--- /dev/null
+++ b/versions-maven-plugin/src/it/it-set-issue-848/moduleA/moduleA.xml
@@ -0,0 +1,15 @@
+<project xmlns="http://maven.apache.org/POM/4.0.0" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
+         xsi:schemaLocation="http://maven.apache.org/POM/4.0.0 http://maven.apache.org/xsd/maven-4.0.0.xsd">
+    <modelVersion>4.0.0</modelVersion>
+
+    <parent>
+        <groupId>default-group</groupId>
+        <artifactId>default-artifact</artifactId>
+        <version>1.0-SNAPSHOT</version>
+    </parent>
+
+    <artifactId>moduleA</artifactId>
+    <version>1.0.0-SNAPSHOT</version>
+    <packaging>pom</packaging>
+
+</project>
diff --git a/versions-maven-plugin/src/it/it-set-issue-848/moduleB/pom.xml b/versions-maven-plugin/src/it/it-set-issue-848/moduleB/pom.xml
new file mode 100644
index 0000000000..fd2328b9d3
--- /dev/null
+++ b/versions-maven-plugin/src/it/it-set-issue-848/moduleB/pom.xml
@@ -0,0 +1,15 @@
+<project xmlns="http://maven.apache.org/POM/4.0.0" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
+         xsi:schemaLocation="http://maven.apache.org/POM/4.0.0 http://maven.apache.org/xsd/maven-4.0.0.xsd">
+    <modelVersion>4.0.0</modelVersion>
+
+    <parent>
+        <groupId>default-group</groupId>
+        <artifactId>default-artifact</artifactId>
+        <version>1.0-SNAPSHOT</version>
+    </parent>
+
+    <artifactId>moduleB</artifactId>
+    <version>1.0.0-SNAPSHOT</version>
+    <packaging>pom</packaging>
+
+</project>
diff --git a/versions-maven-plugin/src/it/it-set-issue-848/pom.xml b/versions-maven-plugin/src/it/it-set-issue-848/pom.xml
new file mode 100644
index 0000000000..1a21193a2b
--- /dev/null
+++ b/versions-maven-plugin/src/it/it-set-issue-848/pom.xml
@@ -0,0 +1,15 @@
+<project xmlns="http://maven.apache.org/POM/4.0.0" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
+         xsi:schemaLocation="http://maven.apache.org/POM/4.0.0 http://maven.apache.org/xsd/maven-4.0.0.xsd">
+    <modelVersion>4.0.0</modelVersion>
+
+    <groupId>default-group</groupId>
+    <artifactId>default-artifact</artifactId>
+    <version>1.0-SNAPSHOT</version>
+    <packaging>pom</packaging>
+
+    <modules>
+        <module>moduleA/moduleA.xml</module>
+        <module>moduleB/pom.xml</module>
+    </modules>
+
+</project>
diff --git a/versions-maven-plugin/src/it/it-set-issue-848/verify.groovy b/versions-maven-plugin/src/it/it-set-issue-848/verify.groovy
new file mode 100644
index 0000000000..9eca6d5107
--- /dev/null
+++ b/versions-maven-plugin/src/it/it-set-issue-848/verify.groovy
@@ -0,0 +1,3 @@
+assert new File( basedir, "pom.xml" ).text.contains( 'TEST' )
+assert new File( basedir, "moduleA/moduleA.xml" ).text.contains( 'TEST' )
+assert new File( basedir, "moduleB/pom.xml" ).text.contains( 'TEST' )
diff --git a/versions-maven-plugin/src/main/java/org/codehaus/mojo/versions/SetMojo.java b/versions-maven-plugin/src/main/java/org/codehaus/mojo/versions/SetMojo.java
index 44035838b9..140679313e 100644
--- a/versions-maven-plugin/src/main/java/org/codehaus/mojo/versions/SetMojo.java
+++ b/versions-maven-plugin/src/main/java/org/codehaus/mojo/versions/SetMojo.java
@@ -283,8 +283,7 @@ public void execute() throws MojoExecutionException, MojoFailureException {
         if (removeSnapshot && !nextSnapshot) {
             String version = getVersion();
             if (version.endsWith(SNAPSHOT)) {
-                String release = version.substring(0, version.indexOf(SNAPSHOT));
-                newVersion = release;
+                newVersion = version.substring(0, version.indexOf(SNAPSHOT));
                 getLog().info("SNAPSHOT found.  BEFORE " + version + "  --> AFTER: " + newVersion);
             }
         }
@@ -371,8 +370,8 @@ public void execute() throws MojoExecutionException, MojoFailureException {
                 reactor.values().parallelStream()
                         .map(m -> PomHelper.getModelEntry(reactor, PomHelper.getGroupId(m), PomHelper.getArtifactId(m)))
                         .filter(Objects::nonNull)
-                        .map(Map.Entry::getKey)
-                        .map(f -> getModuleProjectFile(project, f))
+                        .map(Map.Entry::getValue)
+                        .map(Model::getPomFile)
                         .forEach(files::add);
             }
 
@@ -435,7 +434,7 @@ private void applyChange(
         Map.Entry<String, Model> current = PomHelper.getModelEntry(reactor, groupId, artifactId);
         if (current != null) {
             current.getValue().setVersion(newVersion);
-            files.add(getModuleProjectFile(project, current.getKey()));
+            files.add(current.getValue().getPomFile());
         }
 
         for (Map.Entry<String, Model> sourceEntry : reactor.entrySet()) {
@@ -463,7 +462,7 @@ private void applyChange(
                 continue;
             }
 
-            files.add(getModuleProjectFile(project, sourcePath));
+            files.add(sourceModel.getPomFile());
 
             getLog().debug("Looking for modules which use "
                     + ArtifactUtils.versionlessKey(sourceGroupId, sourceArtifactId) + " as their parent");
@@ -514,20 +513,6 @@ private void applyChange(
         }
     }
 
-    private static File getModuleProjectFile(MavenProject project, String relativePath) {
-        final File moduleDir = new File(project.getBasedir(), relativePath);
-        final File projectBaseDir = project.getBasedir();
-
-        if (projectBaseDir.equals(moduleDir)) {
-            return project.getFile();
-        } else if (moduleDir.isDirectory()) {
-            return new File(moduleDir, "pom.xml");
-        }
-        // i don't think this should ever happen... but just in case
-        // the module references the file-name
-        return moduleDir;
-    }
-
     /**
      * Updates the pom file.
      *