Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 1140 - Division of Finance
Chapter 20 - Association Loans
Section 20 CSR 1140-20.055 - Wrap-Around Real Estate Loans
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This rule authorizes associations to make wrap-around real estate loans.
(1) An association may originate, invest in, sell, purchase, participate or otherwise deal in wrap-around real estate loans provided that the loan is-
(2) The loan file shall contain complete documentation of the date, amount, interest rate, terms, maturity and unpaid balance of all prior liens on the security property together with estoppel letters or certificates from prior lien holders which obligate those prior lien holders to give the wrap-around lender notice of any default on the prior indebtedness and an opportunity to cure any the default.
*Original authority: 369.144, RSMo 1971, amended 1982, 1983, 1984, 1989, 1994; 369.229, RSMo 1971, amended 1983, 1994; and 369.249 and 369.299, RSMo 1971, amended 1994.