Missouri Origination Reference Guide
- Kacey Olson
Owned by Kacey Olson
| Citation | Topic | Requirement |
| Mortgage Broker and Originator Rules / Mo. Code Regs. Ann. tit. 20, 1140-30.280(5) | Advance Fees in Escrow Account | Brokers not subject to the Department of HUD escrow regulations, and who receive funds from borrowers that are to be used for actual and necessary third party expenses required to process the application, must place said funds with 1 of the following entities no later than 5 days after receipt: (1) a title insurer, title agency, or title agent not affiliated with a title agency that is authorized to act as an escrow, security, settlement, or closing agent pursuant to Chapter 381, RSMo; (2) an unaffiliated depository institution, or first-tier subsidiary or service corporation thereof that is acting as an escrow agent; or (3) a licensed attorney. |
| Secure and Fair Enforcement for Mortgage Licensing Act / Mo. Rev. Stat. Ann. §443.912 | Borrower Counseling Notice (Confirmation) | No reverse mortgage loan commitment may be made by a lender unless the loan applicant attests in writing that the applicant received from the lender at the time of initial inquiry a statement regarding the advisability and availability of independent information and counseling services on reverse mortgages. Such statement may be in a form developed by the lender or the division of finance. |
| Mortgages, Deeds of Trust and Mortgage Brokers / Mo. Rev. Stat. Ann. §443.130(1), §443.130(2) | Deed of Release | 1. If the secured party, receiving satisfaction for the debt secured pursuant to this chapter, does not, within forty-five days after request and tender of costs, submit for recording a sufficient deed of release, such secured party shall be liable to the mortgagor for the lesser of an amount of three hundred dollars a day for each day, after the forty-fifth day, that the secured party fails to submit for recording a sufficient deed of release or ten percent of the amount of the security instrument, plus court costs and attorney fees to be recovered in any court of competent jurisdiction. In the event a document submitted for recording by a secured party is rejected for recording for any reason, such secured party shall have sixty days following receipt of notice that the document has been rejected in which to submit a recordable and sufficient deed of release. 2. To qualify under this section, the mortgagor or his or her agent shall provide the request in the form of a demand letter to the secured party by certified mail, return receipt requested or in another form that provides evidence of the date of receipt to the mortgagor. The letter shall include good and sufficient evidence that the debt secured by the deed of trust was satisfied with good funds, and the expense of filing and recording the release was advanced. |
| Robbery, Stealing and Related Offenses / Mo. Rev. Stat. Ann. §570.120(6)(2) | Dishonored Check Fee | (2) If a check that is dishonored or returned unpaid by a financial institution is not referred to the prosecuting attorney or circuit attorney for any action pursuant to the provisions of this section, the party to whom the check was issued, or his or her agent or assignee, or a holder, may collect from the issuer, in addition to the face amount of the check, a reasonable service charge, not to exceed twenty-five dollars, plus an amount equal to the actual charge by the depository institution for the return of each unpaid or dishonored instrument. |
| Mortgages, Deeds of Trust and Mortgage Brokers / Mo. Rev. Stat. Ann. §443.300 | Foreclosure with Deceased Borrower | If any person shall die owning real estate on which there is an outstanding deed of trust or mortgage of real estate, or having subjected personal property to a security interest with power of sale, shall die, no sale shall take place under the deed of trust or mortgage conveying real estate within six months after the death of such person, and no sale shall take place of personal property so subjected to a security interest within four months after the death of the person. |
| Debtor-Creditor Relations / Mo. Rev. Stat. Ann. §427.120 | Lender Placed Insurance Notice | A notice substantially similar to the following has been included in the credit agreement or on a separate document provided to the debtor at the time the credit agreement is entered: "Unless you provide evidence of the insurance coverage required by your agreement with us, we may purchase insurance at your expense to protect our interests in your collateral. This insurance may, but need not, protect your interests. The coverage that we purchase may not pay any claim that you make or any claim that is made against you in connection with the collateral. You may later cancel any insurance purchased by us, but only after providing evidence that you have obtained insurance as required by our agreement. If we purchase insurance for the collateral, you will be responsible for the costs of that insurance, including the insurance premium, interest and any other charges we may impose in connection with the placement of the insurance, until the effective date of the cancellation or expiration of the insurance. The costs of the insurance may be added to your total outstanding balance or obligation. The costs of the insurance may be more than the cost of insurance you may be able to obtain on your own." |
| Secure and Fair Enforcement for Mortgage Licensing Act / Mo. Rev. Stat. Ann. §443.867 | Loan Brokerage Disclosure Statement and Fee Agreement | A residential mortgage loan broker must disclose, within a loan brokerage disclosure statement and fee agreement with each borrower: (1) whether the licensee makes loans; and (2) whether the funds may be provided by another person which may affect availability of funds. The mortgage loan brokerage disclosure statement and fee agreement must also disclose the amount and sources of the residential mortgage loan broker's fees and all other compensation related to obtaining a residential mortgage loan on behalf of the borrower. “Residential mortgage loan broker” means any person, other than an exempt person, engaged in the business of brokering, funding, servicing, or purchasing residential mortgage loans. This defines what is commonly considered a mortgage lender. However, the state defines a lender as any person who either lends money for or invests money in residential mortgage loans. You need to determine based on these definitions if this must be issued according to your business model. |
| Secure and Fair Enforcement for Mortgage Licensing Act / Mo. Rev. Stat. Ann. §443.745 | NMLS Unique Identifier | The NMLS unique identifier of any person originating a residential mortgage loan and in the case of a mortgage loan originator, the residential mortgage loan broker license number or corresponding unique identifier of the mortgage loan broker, must be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or web sites, and any other documents as established by rule or order of the director. |
| Forcible Entry and Unlawful Detainer / Mo. Rev. Stat. Ann. §534.030(2) | Notice to Tenant of Foreclosure Sale | 2. In any case where a foreclosed property is occupied prior to the foreclosure by a person who was a residential tenant, known in this section as the occupant, not in violation of the provisions of section 441.020, then after the foreclosure sale, the new owner of the property shall give the occupant notice, as described in subsection 3 of this section, that the sale has occurred, that they are the new owner, and if said owner seeks possession from the occupant that the occupant has not less than ten business days from the date of this notice to vacate the premises. No unlawful detainer action or any other action seeking possession may be commenced against the occupant within ten business days following the date of notice by the new owner that the foreclosure sale has occurred. Nothing in this section creates a tenancy between the new owner and the occupant. This section does not preclude the new owner from entering into an agreement with the occupant that allows the occupant to remain in the foreclosed property. |
| Mortgage Broker and Originator Rules / Mo. Code Regs. Ann. tit. 20, 1140-30.280 | Rate Lock Agreement | Required if a rate lock fee is collected. |
| Secure and Fair Enforcement for Mortgage Licensing Act / Mo. Rev. Stat. Ann. §443.903(6) | Reverse Mortgage Fee Disclosure | The lender must prominently disclose any interest or other fees to be charged during the period that commences on the date that the mortgage becomes due and payable and ends when repayment in full is made. |
| Lenders, Duties — Prohibited Acts / Mo. Rev. Stat. Ann. §375.937(3) | Right to Choose Insurance Provider | Every lender who solicits insurance on real and personal property must explain to the borrower in writing that the insurance related to the credit extension may be purchased from an insurer or agent of the borrower's choice, subject only to the lender's right to reject a given insurer or agent. Compliance with disclosures as to insurance required by truth-in-lending laws or comparable state laws will be deemed compliance with this requirement. |