443.867. Disclosure statement required of brokers, content--fee--compensation.

MISSOURI STATUTES AND CODES

443.867. Disclosure statement required of brokers, content--fee--compensation.

Disclosure statement required of brokers, content--fee--compensation.

443.867. 1. Each residential mortgage loan broker shall disclose,within a loan brokerage disclosure statement and fee agreement with eachborrower:

(1) Whether the licensee makes loans; and

(2) Whether the funds may be provided by another person which mayaffect availability of funds.

2. The mortgage loan brokerage disclosure statement and fee agreementshall disclose the amount and sources of the residential mortgage loanbroker's fees and all other compensation related to obtaining a residentialmortgage loan on behalf of the borrower.

3. The loan origination fee or other compensation of a residentialmortgage loan broker shall not be limited under state law so long as themortgage loan brokerage disclosure statement and fee agreement is fullycompliant with this section and federal law.

4. A mortgage loan originator shall be compensated exclusively by theresidential mortgage loan broker employing the mortgage loan originator. Amortgage loan originator shall not obtain compensation directly from anylender or borrower or any other person providing real estate settlementservices.

5. In the event the mortgage loan brokerage disclosure statement andfee agreement is not fully compliant with this section or in the event themortgage loan broker obtains fees and compensation in excess of the amountdisclosed, the mortgage loan broker shall forfeit double the amount of feesand compensation obtained to the borrower.