Closing Protection Letters in Missouri - Revision history

Davidjenkins: /* Sources */

2020-04-16T15:10:35Z

‎Sources

Davidjenkins: /* WFG Rates */

2020-04-16T15:05:40Z

‎WFG Rates

Davidjenkins: /* Dual Agent CPLs */

2020-04-16T15:05:05Z

‎Dual Agent CPLs

Davidjenkins: /* Cross-References */

2020-04-15T21:45:31Z

‎Cross-References

Davidjenkins: /* Compliance */

2019-02-15T19:44:29Z

‎Compliance

Davidjenkins: /* Overview */

2019-02-15T15:52:24Z

‎Overview

Davidjenkins: /* Overview */

2018-10-02T15:14:28Z

‎Overview

Davidjenkins at 00:53, 22 June 2018

2018-06-22T00:53:04Z

Davidjenkins: Created page with "===Overview=== ===Sources=== ===Compliance=== ====Disclosures==== ===Forms=== ====Disclosure Form==== ====CPL Form==== * Latest CPL Form Filing Date: 09-01-2015 * Filing..."

2018-04-12T01:52:03Z

Created page with "===Overview=== ===Sources=== ===Compliance=== ====Disclosures==== ===Forms=== ====Disclosure Form==== ====CPL Form==== * Latest CPL Form Filing Date: 09-01-2015 * Filing..."

New page

===Overview===

===Sources===

===Compliance===

====Disclosures====

===Forms===

====Disclosure Form====

====CPL Form====
* Latest CPL Form Filing Date: 09-01-2015
* Filing Requirements: (rate & form to be filed)
* Current From: 3172529, 3172429
* ALTA Version:

====Dual Agent CPLs====

===Rates===

====State Mandated Rates====
* Buyer:
* Seller:
* Lender:
* Borrower:

====WFG Rates====
* Buyer: $25.00
* Seller: $25.00
* Lender: $25.00
* Borrower: NRF

=== Remittances===

===Notes===
* Notes:
* Rate Checked: 05-17-2016
* By: Sam Shellhaas
* Manual Date:

===Cross-References===
* [[Missouri]]
* [[Closing Protection Letters]]

← Older revision		Revision as of 15:10, 16 April 2020
Line 3:		Line 3:

	===Sources===		===Sources===
		+	* Statutes
		+	* Regulations
		+	NOTE: There are statutes and regulations that govern "Insured Closing Letters" (ICLs) which are considered separate and distinct from Closing Protection Letters (CPLs) under Missouri law even though these terms are now synonymous in most states. Although related, ICLs and CPLs are not governed by the same rules in Missouri. An ICL is more akin to a blanket CPL and is not transaction specific.

	===Compliance===		===Compliance===

@@ Line 21: / Line 21: @@
 ====Dual Agent CPLs====
-Unavailable.  Although not expressly prohibited, Missouri requires that the only agent that can handle the closing is the one that is also issuing the commitment and policy.  MO Rev Stat § 381.022.5.
+There are two situations in which a dual CPL might be requested for a transaction:
 ===Rates===

← Older revision		Revision as of 19:44, 15 February 2019
Line 5:		Line 5:

	===Compliance===		===Compliance===
		+
		+	381.403

	====Disclosures====		====Disclosures====

@@ Line 1: / Line 1: @@
 ===Overview===
-Closing Protection Letters are mandatory in Missouri for any insured transaction.  They can only be issued on behalf of the agent insuring the title which prevents the issuance of dual CPLs.  There is one form for the lender and/or buyer and a second form for any seller.  The fee for each letter is $25.  There is no CPL for borrowers, so a refinance CPL would only be issued the lender.
+Closing Protection Letters are mandatory in Missouri for any insured transaction.  They can only be issued on behalf of the agent insuring the title which prevents the issuance of dual CPLs unless one agent is handling a loan policy and the other is handling an owner's policy for the same transaction, which is quite common.  There is one form for the lender and/or buyer and a second form for any seller.  The fee for each letter is $25.  There is no CPL for borrowers, so a refinance CPL would only be issued the lender.
 ===Sources===

← Older revision		Revision as of 15:14, 2 October 2018
Line 1:		Line 1:
	===Overview===		===Overview===
		+	Closing Protection Letters are mandatory in Missouri for any insured transaction. They can only be issued on behalf of the agent insuring the title which prevents the issuance of dual CPLs. There is one form for the lender and/or buyer and a second form for any seller. The fee for each letter is $25. There is no CPL for borrowers, so a refinance CPL would only be issued the lender.

	===Sources===		===Sources===

@@ Line 34: / Line 34: @@
 ====WFG Rates====
-* Buyer: $25.00
+* Buyer: $25.00.
-* Seller: $25.00
+* Seller: $25.00.
-* Lender: $25.00
+* Lender: $25.00.
-* Borrower: NRF
+* Borrower: Not available, so no rate field.
 === Remittances===

@@ Line 46: / Line 46: @@
 ===Cross-References===
 * [[Missouri]]
-* [[Closing Protection Letters]]
+** [[Insured Closing Letters in Missouri]]

← Older revision		Revision as of 00:53, 22 June 2018
Line 18:		Line 18:

	====Dual Agent CPLs====		====Dual Agent CPLs====
		+	Unavailable. Although not expressly prohibited, Missouri requires that the only agent that can handle the closing is the one that is also issuing the commitment and policy. MO Rev Stat § 381.022.5.

	===Rates===		===Rates===