Difference between revisions of "Closing Protection Letters in Missouri"
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===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. | + | 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=== | ===Sources=== | ||
Revision as of 07:52, 15 February 2019
Contents
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 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
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
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
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:
