Missouri Laws 408.585 – Limitation on requirements of sections 408.570 to 408.600
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1. No provision of sections 408.570 to 408.600 shall be construed to require any financial institution to make any residential real estate loan contrary to sound underwriting practices which shall include but not be limited to the following:
(1) The credit worthiness of the applicant; and
Terms Used In Missouri Laws 408.585
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
(2) The market value of the residential real estate proposed as security for the loans.
2. A financial institution may employ different loan application procedures for loans to purchase or construct new dwellings as opposed to the purchase of previously occupied dwellings.