In Missouri, is the fee collected for the issuance of Closing Protection Letters split between the issuing agency and the title insurer?

In Missouri, the fee for the issuance of Closing Protection Letters is not split between the issuing agency and the title insurer; instead, it is retained entirely by the title insurer. This means that when a title agent or producer issues a Closing Protection Letter, the fee is collected directly by the title insurer, which is responsible for the risks associated with that coverage.

This approach is important because it simplifies the financial transaction related to the Closing Protection Letter and ensures that the title insurer is directly liable for claims that arise under the policy. Since the fee is solely under the purview of the title insurer, it streamlines the process, making it clear that the insurer is the sole entity responsible for the obligations outlined in the Closing Protection Letter. Therefore, the correct response to the question is that it is false that this fee is split between the issuing agency and the title insurer.