8/01/15
Why are some of the forms changing?
3 reasons:
#1 -The Wall Street Reform and Consumer Protection Act AKA The Dodd-Frank Act is the most significant regulatory reform since the Great Depression. Many of these regulatory changes impact the real estate transaction hence the need for a forms update.
#2 -Less noticeable changes you will find in the forms is structure, formatting, and general clean-up. Over the years the forms have gone through many changes sometimes with little consistency in the look, structure and formatting of the forms as a whole. During the clean-up of the forms, inconsistent language, formatting and the occasional typo have also been corrected.
#3 -As direct result of membership suggestions a new form has been developed. “Contingent for Closing of Buyer’s Property”
When are the forms changing?
The new forms will be available through the online system. Formrus.com September 1st, 2015.
What about the old versions of the forms that I still have in stock?
Recognizing that many brokerages may have stock of the forms, many of the old forms will be slowly phased out. See the current valid forms guide for further information. Two forms that will be withdrawn are the Seller to Hold Note and Deed of Trust and the Electronic Communication Rider.
Why is the Seller to Hold Note and Deed of Trust being withdrawn?
The CFPB, recently updated, redefined language regarding the definition of a mortgage loan originator. Due to the change, the St. Louis Association of Realtors and its legal counsel made the decision to withdraw the form so a licensee is not viewed as a mortgage loan originator.This form is being immediately withdrawn.
Why is the Electronic Communication Rider being withdrawn?
The information found in this form has been consolidated into the Listing Agreement and the Buyer’s Agency Agreement and Authorization to Show forms. Less paper! This form is being withdrawn at the end of 2015.
I work as part of a team – whose license number is placed on the contract?
That is a question for each individual brokerage as their office policy dictates.
I noticed some of the forms are requiring the Authorized Agent email. Who is considered the Authorized Agent?
That is a question for each individual brokerage as their office policy dictates.
Why are license numbers now required on the contracts?
The new Closing Disclosure form, effective October 3rd, 2015, requires the license numbers of those involved in the transaction (i.e., settlement agent, lender, licensees). In order to help facilitate the closing process, the license numbers have been added to the last page of the contract.
How do I find a license number?
You can visit the Missouri Real Estate Commission website and look-up license numbers at:http://pr.mo.gov/realestate.asp. Also, Mid America Regional Information Systems (MARIS) is investigating the possibility of adding a feature to the MLS system to accommodate the placement of license numbers.
Click here to view the Comparison Chart.
Click here to view the Revised Forms with Changes.
Click here to view the Closing Disclosure.