MO HB1409

Mortgage companies and loan servicing agents must disclose full terms of notes or deeds of trust within 30 days of request or at least 30 days before foreclosure proceedings to all persons with recorded interests in the property.

Persons with recorded interests must receive full accounting of the loan, escrow statements, balance due, interest rates, late charges, principal, and amortization schedules within 30 days of request or 30 days before foreclosure.

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

Reverse mortgage lenders must allow heirs at least 15 years to repay loans after the borrower's death at the average mortgage interest rate in effect on the date of death.

Lenders must disclose reverse mortgage terms to heirs and provide full loan accounting, escrow statements, and payment details within 30 days of death notification or request, and at least 30 days before foreclosure.