Mo. Code Regs. tit. 20 § 200-13.200

Current through Register Vol. 49, No. 24, December 16, 2024

Section 20 CSR 200-13.200 - Mortgage Loans as Admissible Assets

PURPOSE: This rule effectuates or aids in the interpretation of sections 376.302 and 379.080.1(2)(f), RSMo.

(1) Definitions.

(A) Current, as used in this rule, is defined to mean as of the approximate date of loan.

(B) Mortgage loans, as used in this rule, include promissory notes secured by deeds of trust or other lien instruments on real estate.

(2) All mortgage loans must be properly recorded.

(3) No second mortgage loan is acceptable for depository purposes.

(4) The following documents shall be maintained for each mortgage loan by all insurance companies holding mortgage loans as admissible assets:

(A) A current title policy or acceptable attorney's legal opinion;

(B) If so requested by the director of the Department of Commerce and Insurance, a current appraisal of mortgaged property made under the standards of 20 CSR 200-13.100;

(C) A certificate by county collector or affidavit by an officer of the insurance company that no property taxes are in arrears or a certification on the title policy or legal opinion that current taxes have been paid;

(D) A photograph of the subject property if improved;

(E) If subject property is improved, a fire insurance policy, a photocopy of the declarations page of the policy or an affidavit by an officer of the insurance company that fire coverage has been obtained or a photocopy of an insurance certificate by a loan correspondent;

(F) Any other document that the insurance company is directed to maintain by the director of the Department of Commerce and Insurance; and

(G) A copy of the written appraisal made under the standards of 20 CSR 200-13.100.

(5) The provisions of 20 CSR 200-4.010 are applicable to each of the documents specified under the provisions of section (4) of this rule.

20 CSR 200-13.200

AUTHORITY: sections 374.045, 376.170, 376.302, and 379.080, RSMo 2016.* This rule was previously filed as 4 CSR 190-11.040(1)-(3), (5), and (6), and 20 CSR 200-1.090. Original rule filed Aug. 5, 1974, effective Aug. 15, 1974. Amended: Filed Jan. 25, 1991, effective July 8, 1991. Amended: Filed Aug. 4, 1992, effective April 8, 1993. Amended: Filed Dec. 13, 2018, effective July 30, 2019. Non-substantive change filed Sept. 11, 2019, published Oct. 31, 2019.

*Original authority: 374.045, RSMo 1967, amended 1993, 1995, 2008; 376.170, RSMo 1939, amended 2007; 376.302, RSMo 2007; and 379.080, RSMo 1939, amended 1943, 1947, 1963, 1977, 1981, 1982, 1985, 1987, 1989, 1992, 1993, 1997, 2002.