PURPOSE: This rule states the guidelines for the various loan application procedures of mortgage brokers.

1. (1) Borrower Information Document. Before a mortgage loan applicant (borrower) signs a completed application, the licensee shall give the borrower a Borrower Information Document. The document may be incorporated into or appended to such material as is necessary for compliance with related federal requirements. All of the following information shall be included in the document:

   1. (A) Regulatory Disclosure Statement. The following statement: “This document is provided pursuant to the Residential Mortgage Brokers License Act and related rules. Its purpose is to list those exhibits and materials you should receive with your application with (name of licensee) which is regulated by the Missouri commissioner of finance whose phone number is (573) 751-3242”; and
   2. (B) Significant information on the types of situations which could affect the processing of the loan but which may not be known by the licensee at the time the application was taken.
2. (2) Required Documentation. A licensee shall observe good faith in requiring documents from the applicant.
3. (3) Confirmation of Statements. Within three
4. (3) business days of receiving an applicant’s written request, a licensee shall confirm or deny in writing any specific oral statements or promises made to the applicant.

5. (4) Maintenance of Records. Each licensee shall maintain an application log and shall produce it for examination by the commissioner. It shall contain at least the following concerning each application received during the previous thirty-six (36) months:

   1. (A) Application date;
   2. (B) Applicant’s name;
   3. (C) Property address;
   4. (D) Loan amount;
   5. (E) Terms, loan program;
   6. (F) Loan officer;
   7. (G) If closed, disposition of the loan and servicing;
   8. (H) The Loan Brokerage Agreement and Loan Brokerage Disclosure Statement;
   9. (I) The Borrower Information Document; and
   10. (J) Any other documents the commissioner may require the licensee to obtain.

AUTHORITY: sections 443.847, 443.869(7) and 443.887, RSMo Supp. 1996.* This rule originally filed as 4 CSR 140-30.090. Emergency rule filed Nov. 25, 1996, effective Dec. 5, 1996, expired June 2, 1997. Original rule filed Nov. 25, 1996, effective May 30, 1997. Moved to 20 CSR 1140-30.090, effective Aug. 28, 2006.

*Original authority: 443.847, RSMo 1994, amended 1995; 443.869(7), RSMo 1994, amended 1995; and 443.887, RSMo 1994, amended 1995.