MO Underwriting Summary
From WFG Wiki
Contents
- 1 Search/Exam
- 2 UPL
- 3 Vesting
- 4 Witness Requirements
- 5 Property Tax
- 6 Mortgage/Transfer Tax
- 7 Spousal Joinder Requirements/Homestead
- 8 Power Of Attorney
- 9 Construction Liens
- 10 Foreclosure Review
- 11 Instrument Requirements
- 12 Who May Serve As Trustee On Deed Of Trust
- 13 Time Limitations
- 14 Odd Stuff
Search/Exam
- Minimum Search Requirements -- 27 years. V.A.M.S. 381.071 Search must be made at a Registered Title Plant (a set of geographically indexed records registered with the DIFP) unless a search from the plant cannot be obtained at a reasonable cost in a reasonable time.
- no marketable record title act; marketable title determined by case law and Title Standard;
- Plant or other search restrictions -- Plants required unless written evidence that plant provider cannot meet reasonable turn times
- Additional Requirements for REO Searches -- No
- Foreclosure Checklist -- N/A
- Special Searches Required (Code, HOA, Utilities)? -- St. Louis taxes/special benefit districts
- Survey Requirements -- No
UPL
- UPL Hot Button Issues -- Don’t charge a doc prep fee
- An attorney is not required. A Licensed Missouri Producer must search, examine, close, record or handle any other aspects of closing and commitment and policy issuance. (License issued by the Missouri Dept. of Insurance, Financial Institutions and Professional Licensing: MO DIFP) RSMo 381.031.19
Vesting
Recognizes
- Tenants in Common -- which is presumed whenever two or more parties take title and no contrary intent is expressed -- except for trustees, P.R. and H&W V.A.M.S. 442.450
- Joint Tenants
- Tenancy by Entireties -- Automatic if H&W and no contrary intent in conveyance. Woodworth v. Mauk, 614 S.W.2d 308 (Mo App. W.D. 1981)
- Community Property -- No
- Homestead -- Yes
- Joinder of Non-titled Spouse -- Yes
Witness Requirements
No Witness Required
Property Tax
Mortgage/Transfer Tax
No Mortgage Tax.
Spousal Joinder Requirements/Homestead
A Non-Title Holding Spouse must execute any deed of conveyance or deed of trust. There is no civil union in Missouri.
Power Of Attorney
Construction Liens
Foreclosure Review
Instrument Requirements
Who May Serve As Trustee On Deed Of Trust
Deed of Trust only. The trustee must be a MO resident individual over the age of 18 or a MO corporation. If a non-resident individual or foreign corporation is named as trustee, a MO resident individual or MO corporation must be added as co-trustee.
An underwriter or a title agent could qualify as a trustee if it is a MO corporation. By custom, an attorney who is a resident of Missouri is usually named trustee. The lender/beneficiary selects the trustee.
Time Limitations
- US Judgment Liens -- 20 years, renewable for 20 years
- State Court Judgment Liens -- 10 years, subject to renewal for an unlimited number of 3 year periods. Applies to after acquired property. V.A.M.S. 511.360
- Federal Tax Liens -- 10 years, 30 days (See 26 USCA 6323(g))
- State Tax Liens -- 10 years, subject to 10 year renewal
- Estate Tax Lien -- Yes, against beneficiaries; 10 years if judgment obtained
- State Inheritance Tax Liens -- No
- Mechanics Liens -- 6 months
- Financing Statements -- 5 years (manufactured housing 30 years); can be renewed for successive terms
- Mortgages -- 20 years
- HOA Liens --
- Condominium assessments -- 3 years
- Child Support Liens --
Odd Stuff
- Mandatory arbitration is prohibited in Missouri. The filed Arbitration Endorsement should be included with each policy.
- Filed Rates & Forms. http://sos.mo.gov/adrules/csr/current/20csr/20c500-7.pdf
