MO HB271

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

Mandates notification to interested parties of any loan payment defaults and grants them 30 days to cure the default regardless of liability on the loan.

Requires lenders to provide a full accounting of the loan, escrow statements, and detailed payment information including balance due, interest rates, late charges, principal, and amortization schedules within 30 days of request or before foreclosure.

Requires authorized lenders making reverse mortgage loans to allow a repayment period of at least 15 years after the borrower's death if heirs or the estate must pay, at the average mortgage interest rate in effect on the date of death.

Mandates lenders notify heirs and personal representatives of amounts due on reverse mortgages and provide full loan accounting within 30 days of notification of death and upon request.