Prepare the paperwork for a mortgage loan on a Missouri property with these easy-to-use downloadable Mortgage Forms.
The Missouri Division of Finance oversees the mortgage industry and enforces the laws that govern residential mortgage brokers and originators, including licensing and investigating complaints.
Unless you qualify for an exemption, you must have a license in order to broker, lend, service, or purchase residential mortgages, or to take applications. Originators who are employed by depository institutions are exempt from the licensing requirement.
In Missouri, a Contract for Deed (also called a land contract or an installment purchase agreement) is used to sell real estate in circumstances where conventional mortgage financing may not be available to the buyer.
The seller basically takes over the role of the mortgage lender. The buyer pays the purchase price in installment payments until the principal and interest is paid in full.
Title to the property remains in the seller's name until the full amount has been.....