MO HB2313

Mortgage companies and loan servicing agents must fully disclose loan terms and deed of trust information to persons with recorded interests in real property within 30 days of request or at least 30 days before foreclosure proceedings begin.

Mortgage companies must notify persons with recorded interests of any payment defaults and allow 30 days to cure the default regardless of who is liable on the loan.

Persons with recorded interests must receive within 30 days a full accounting including escrow statements, total balance due, interest rates, late charges, principal paid, and amortization schedules.

Authorized lenders making reverse mortgage loans must allow heirs at least 15 years to repay the loan after the borrower's death at the average mortgage interest rate effective on the date of death.

Lenders must disclose reverse mortgage loan terms to heirs and the personal representative of the decedent's estate and provide full accounting and loan documentation within 30 days of notification of the borrower's death or upon request.