Document Updates: MO Loan Brokerage Disclosure Agreement (Cx3328)

The MO Loan Brokerage Disclosure Agreement, Cx3328, is provided pursuant to Mo. Ann. Stat. § 443.867, which requires a residential mortgage loan broker (including all retail mortgage lenders) to provide a loan brokerage disclosure statement and fee agreement with each borrower. Ibid. § 443.867(2) specifically requires:

“The mortgage loan brokerage disclosure statement and fee agreement shall disclose the amount and sources of the residential mortgage loan broker’s fees and all other compensation related to obtaining a residential mortgage loan on behalf of the borrower.”

This loan brokerage disclosure statement and fee agreement requires the amount and sources of the broker’s fee and all other compensation. The statute does not provide any guidance or instruction specifying what should be included as fees and all other compensation. Because of this ambiguity we have updated the field that we use to display the total Origination Fee. We are now using field 101188 “Fee Section A Total Minus Discount amount” which includes all of the Section A charges except for the discount amount and the associated percentage field will now be derived from field 101188.

This change will be in Production on May 9, 2023. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.

DR-141531

The preceding is for informational purposes only and is not and may not be construed as legal advice. No third-party entity may rely upon anything contained herein when making legal and/or other determinations regarding its practices, and such third-party should consult with an attorney prior to embarking upon any specific course of action.