Illinois Revises Residential Mortgage License Act Provisions

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The Illinois Department of Financial and Professional Regulation adopted rules to repeal and amend parts of the Residential Mortgage License Act, including, but not limited to:

  • The renewal application provisions were removed due to a conflict with the 30-day timely renewal application deadline.
  • The paper surety bond requirements were removed in light of the new electronic surety bond (ESB) requirement that Illinois has adopted through the NMLS.
  • References are made to the TILA-RESPA Integrated Disclosure (TRID) Loan Estimate form, replacing the Good Faith Estimate form in most residential mortgage transactions.
  • Servicers may now retain their records in electronic or digital format instead of paper form.
  • The provisions regarding changes affecting loan in process and approval notice were repealed to reflect the new CFPB-required notifications to consumers of loan term changes in TRID process.
  • A provision was added to ensure compliance with other laws including applicable federal and state statutes and regulations, including the TILA-RESPA Integrated Disclosures, Truth in Lending Act, and Real Estate Settlement Procedure Act.

These provisions are effective immediately.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations. Attorney Advertising.

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