Difference between revisions of "MO Underwriting Summary"

Revision as of 10:04, 29 December 2014

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
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

@@ Line 12: / Line 12: @@
 *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.   [https://a.next.westlaw.com/Document/Ie9720a32e7a711d99439b076ef9ec4de/View/FullText.html?originationContext=docHeader&contextData=(sc.DocLink)&transitionType=Document&docSource=2b46c3e10d8843369d67bfd7dd4085d2 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