Illinois Administrative Code (Last Updated: March 27, 2024) |
TITLE38. FINANCIAL INSTITUTIONS |
PART1050. RESIDENTIAL MORTGAGE LICENSE ACT OF 1987 |
SUBPART A. DEFINITIONS |
§ 1050.100. High Risk Home Loan Definitions; Applicability |
§ 1050.110. Definitions |
§ 1050.115. Administrative Decision [Repealed] |
§ 1050.120. Assisting [Repealed] |
§ 1050.125. Commissioner [Repealed] |
§ 1050.130. Control [Repealed] |
§ 1050.132. Conviction or Convicted [Repealed] |
§ 1050.135. Document [Repealed] |
§ 1050.140. Employee [Repealed] |
§ 1050.145. First Tier Subsidiary [Repealed] |
§ 1050.150. Hearing Officer [Repealed] |
§ 1050.155. High Risk Home Loan [Repealed] |
§ 1050.157. Licensee [Repealed] |
§ 1050.160. Material [Repealed] |
§ 1050.165. Other Regulatory Agencies [Repealed] |
§ 1050.170. Party [Repealed] |
§ 1050.175. Principal Place of Business [Repealed] |
§ 1050.180. Repurchase a Loan [Repealed] |
§ 1050.185. State [Repealed] |
§ 1050.190. Servicer [Repealed] |
§ 1050.195. Points and Fees [Repealed] |
§ 1050.197. Total Loan Amount [Repealed] |
§ 1050.198. Approved Credit Counselor [Repealed] |
§ 1050.199. Home Equity Loan [Repealed] |
SUBPART B. FEES |
§ 1050.210. Fees |
§ 1050.220. License Fees [Repealed] |
§ 1050.230. Amended License Fees - Corporate Changes [Repealed] |
§ 1050.240. Duplicate Original License Fees [Repealed] |
§ 1050.245. Loan Originator Registration Application Fee [Repealed] |
§ 1050.246. Loan Originator Registration Transfer Fee [Repealed] |
§ 1050.247. Loan Originator Registration Reactivation Fee [Repealed] |
§ 1050.248. Duplicate Loan Originator Certificate of Registration or Pocket Card Fee [Repealed] |
§ 1050.250. Examination Fees [Repealed] |
§ 1050.255. Direct Expenses of Out-of-State Examinations [Repealed] |
§ 1050.260. Additional Full-Service Office Fees [Repealed] |
§ 1050.270. Hearing Fees [Repealed] |
§ 1050.280. Late Fees [Repealed] |
§ 1050.290. Manner of Payment [Repealed] |
SUBPART C. LICENSING |
§ 1050.310. Application for an Illinois Residential Mortgage License |
§ 1050.320. Application for Renewal of an Illinois Residential Mortgage License [Repealed] |
§ 1050.330. Waiver of License Fee |
§ 1050.340. Full-Service Office |
§ 1050.350. Additional Full-Service Office |
§ 1050.360. Continuing Education Requirements for Certain Employees [Repealed] |
§ 1050.370. Licensing of Mortgage Loan Originators |
SUBPART D. OPERATIONS AND SUPERVISION |
§ 1050.410. Net Worth |
§ 1050.420. Line of Credit [Repealed] |
§ 1050.425. Examination |
§ 1050.430. Late Audit Reports |
§ 1050.440. Escrow |
§ 1050.450. Audit Workpapers |
§ 1050.460. Selection of Independent Auditor [Repealed] |
§ 1050.470. Proceedings Affecting a License |
§ 1050.475. Change in Business Activities |
§ 1050.480. Change of Ownership, Control or Name or Address of Licensee |
§ 1050.490. Bonding Requirements |
SUBPART E. ANNUAL REPORT OF MORTGAGE ACTIVITY, MORTGAGE BROKERAGE ACTIVITY, PURCHASING ACTIVITY, AND MORTGAGE SERVICING ACTIVITY |
§ 1050.610. Filing Requirements |
§ 1050.620. Reporting Forms |
§ 1050.630. Annual Report of Mortgage Activity |
§ 1050.640. Annual Report of Brokerage Activity |
§ 1050.650. Annual Report of Servicing Activity |
§ 1050.655. Annual Report of Purchasing Activity |
§ 1050.660. Verification |
SUBPART F. LOAN DELINQUENCY EXAMINATION |
§ 1050.710. Computation of National Residential Mortgage Foreclosure Rate [Repealed] |
§ 1050.720. Computation of Illinois Residential Mortgage Foreclosure Rate [Repealed] |
§ 1050.730. Excess Foreclosure Rate [Repealed] |
§ 1050.740. Loan Delinquency Hearing |
§ 1050.750. Director's Authority - Unusually High Rate [Repealed] |
SUBPART G. SERVICING |
§ 1050.810. New Loans |
§ 1050.820. Transfer of Servicing |
§ 1050.830. Real Property Tax and Hazard Insurance Payments |
§ 1050.840. Payment Processing |
§ 1050.850. Toll-Free Telephone Arrangement |
§ 1050.860. Payoff of Outstanding Mortgage Loan |
§ 1050.870. Compliance with Other Laws |
SUBPART H. ADVERTISING |
§ 1050.910. General Prohibition |
§ 1050.920. Definition of Advertisement |
§ 1050.930. Compliance with Other Laws |
§ 1050.940. Requirements |
§ 1050.950. Misleading and Deceptive Advertising Prohibition |
SUBPART I. LOAN BROKERAGE PRACTICES |
§ 1050.1010. Loan Brokerage Agreement |
§ 1050.1020. Loan Brokerage Disclosure Statement |
§ 1050.1030. Prohibited Practice |
SUBPART J. LOAN APPLICATION PRACTICES |
§ 1050.1100. High Risk Home Loan Application Practices; Applicability |
§ 1050.1110. Borrower Information Document |
§ 1050.1120. Description of Required Documentation |
§ 1050.1130. Maintenance of Records [Repealed] |
§ 1050.1140. Loan Application Procedures |
§ 1050.1150. Copies of Signed Documents |
§ 1050.1160. Confirmation of Statements |
§ 1050.1170. Cancellation of Application |
§ 1050.1175. Loan Log |
§ 1050.1176. Record Retention |
§ 1050.1177. Required Loan Application File Documents |
§ 1050.1180. Ability to Repay |
§ 1050.1185. Verification of Ability to Pay Loan |
§ 1050.1186. Fraudulent or Deceptive Practices |
§ 1050.1187. Prepayment Penalty |
SUBPART K. GENERAL LENDING PRACTICES |
§ 1050.1200. High Risk Home Loan Lending Practices; Applicability |
§ 1050.1210. Notice to Joint Borrowers |
§ 1050.1220. Inaccuracy of Disclosed Information |
§ 1050.1230. Changes Affecting Loans in Process [Repealed] |
§ 1050.1240. Prohibition of Unauthorized Lenders |
§ 1050.1250. Good Faith Requirements |
§ 1050.1260. Pre-paid Insurance Products and Warranties |
§ 1050.1270. Refinancing Prohibited in Certain Cases |
§ 1050.1272. Balloon Payments |
§ 1050.1275. Financing of Certain Points and Fees |
§ 1050.1276. Payments to Contractors |
§ 1050.1277. Negative Amortization |
§ 1050.1278. Negative Equity |
§ 1050.1280. Counseling Prior to Perfecting Foreclosure Proceedings |
SUBPART L. COMMITMENT AND CLOSING PRACTICES |
§ 1050.1305. Approval Notice [Repealed] |
§ 1050.1310. Inconsistent Conditions Prohibited |
§ 1050.1315. Avoidance of Commitment |
§ 1050.1320. Charges to Seller |
§ 1050.1325. Intentional Delay |
§ 1050.1330. No Duplication to Borrower of Seller's Costs |
§ 1050.1335. Fees and Charges |
§ 1050.1340. Refunds on Failure to Close |
§ 1050.1345. Representative at Closing |
§ 1050.1350. Compliance with Other Laws |
§ 1050.1355. Failure to Close – Disclosure |
§ 1050.1360. Escrow Account Agreements at Closing |
SUBPART M. EXEMPTION GUIDELINES |
§ 1050.1410. General |
§ 1050.1420. Interpretative Guidelines |
SUBPART N. ADMINISTRATIVE HEARING PROCEDURES |
§ 1050.1510. Hearings |
§ 1050.1520. Definitions [Repealed] |
§ 1050.1530. Filing [Repealed] |
§ 1050.1540. Form of Documents [Repealed] |
§ 1050.1550. Computation of Time [Repealed] |
§ 1050.1560. Appearances [Repealed] |
§ 1050.1570. Request for Hearing [Repealed] |
§ 1050.1580. Notice of Hearing [Repealed] |
§ 1050.1590. Service of the Notice of Hearing [Repealed] |
§ 1050.1595. Bill of Particulars or Motion for More Definite Statement [Repealed] |
§ 1050.1600. Motion and Answer [Repealed] |
§ 1050.1610. Consolidation and Severance of Matters – Additional Parties [Repealed] |
§ 1050.1620. Intervention [Repealed] |
§ 1050.1630. Postponement or Continuance of Hearing [Repealed] |
§ 1050.1640. Authority of Hearing Officer [Repealed] |
§ 1050.1650. Bias or Disqualification of Hearing Officer [Repealed] |
§ 1050.1660. Prehearing Conferences [Repealed] |
§ 1050.1670. Discovery [Repealed] |
§ 1050.1680. Subpoenas [Repealed] |
§ 1050.1690. Conduct of Hearing [Repealed] |
§ 1050.1700. Default [Repealed] |
§ 1050.1710. Evidence [Repealed] |
§ 1050.1720. Hostile Witnesses [Repealed] |
§ 1050.1730. Record of Proceedings [Repealed] |
§ 1050.1740. Briefs [Repealed] |
§ 1050.1750. Hearing Officer's Recommendation [Repealed] |
§ 1050.1760. Order of the Director [Repealed] |
§ 1050.1770. Rehearings and Reopening of Hearings [Repealed] |
§ 1050.1790. Costs of Hearing [Repealed] |
SUBPART O. MORTGAGE AWARENESS PROGRAM |
§ 1050.1800. Applicability |
§ 1050.1810. General |
§ 1050.1820. Guidelines |
§ 1050.1830. Offer of Mortgage Awareness Program |
SUBPART P. DEFAULT AND FORECLOSURE RATES ON CONVENTIONAL LOANS |
§ 1050.1900. Applicability |
§ 1050.1910. Report of Default and Foreclosure Rates on Conventional Loans |
§ 1050.1920. Director's Review and Analysis |
SUBPART Q. THIRD PARTY REVIEW OF HIGH RISK HOME LOANS |
§ 1050.2000. Applicability |
§ 1050.2010. Third Party Review of High Risk Home Loans |
SUBPART R. REGISTRATION OF LOAN ORIGINATORS |
§ 1050.2100. Mortgage Loan Originators; Applicability [Repealed] |
§ 1050.2110. Application for Registration [Repealed] |
§ 1050.2112. Evaluation of Applications [Repealed] |
§ 1050.2115. Examination [Repealed] |
§ 1050.2120. Continuing Education Requirements for Loan Originators [Repealed] |
§ 1050.2125. Certificate of Registration Issuance [Repealed] |
§ 1050.2130. Roster of Registered Loan Originators [Repealed] |
§ 1050.2135. Pocket Card [Repealed] |
§ 1050.2140. Certificate of Registration Renewal [Repealed] |
§ 1050.2145. Certificate of Registration Transfer Application or Inactive Notice [Repealed] |
§ 1050.2150. Inactive Registration Status; Reactivation [Repealed] |
§ 1050.2155. Temporary Permits [Repealed] |
§ 1050.2160. Confidential Information [Repealed] |
§ 1050.2165. Averments [Repealed] |
§ 1050.2170. Suspension or Revocation of Registration, Refusal to Renew, Fines [Repealed] |
§ 1050.2175. Loan Originator Hearings; Fees and Costs [Repealed] |
§ 1050.2180. Criminal Proceedings [Repealed] |
§ 1050.2185. Violations of Tax Acts [Repealed] |
§ 1050.2190. Disciplinary Action for Educational Loan Defaults [Repealed] |
§ 1050.2195. Nonpayment of Child Support [Repealed] |
SUBPART S. PROVISIONAL REGISTRATION OF LOAN ORIGINATORS |
§ 1050.2200. Purpose [Repealed] |
§ 1050.2210. Definitions [Repealed] |
§ 1050.2220. Registration Required [Repealed] |
§ 1050.2230. Exemptions [Repealed] |
§ 1050.2240. Application for Provisional Certificate of Registration; Contents; Amendment [Repealed] |
§ 1050.2250. Issuance of Provisional Certificate of Registration; Effective Date; Conditions [Repealed] |
§ 1050.2260. Loan Origination Practices [Repealed] |
§ 1050.2270. Enforcement [Repealed] |
§ 1050.APPENDIX A. Estimated Monthly Income and Expenses Worksheet [Repealed] |
§ 1050.APPENDIX B. Mortgage Ratio Worksheet [Repealed] |
SOURCE: Filed January 18, 1974; amended at 2 Ill. Reg. 2, p. 1, effective January 16, 1978; codified at 8 Ill. Reg. 4524; amended at 9 Ill. Reg. 17393, effective October 24, 1985; Part repealed by emergency rule at 12 Ill. Reg. 3041, and new Part adopted by emergency rule at 12 Ill. Reg. 3079, effective January 13, 1988, for a maximum of 150 days; Part repealed at 12 Ill. Reg. 8683, and new Part adopted at 12 Ill. Reg. 8685, effective May 10, 1988; emergency amendment at 12 Ill. Reg. 9721, effective May 18, 1988, for a maximum of 150 days; amended at 13 Ill. Reg. 17056, effective October 20, 1989; amended at 15 Ill. Reg. 8580, effective May 28, 1991; emergency amendment at 16 Ill. Reg. 2915, effective February 10, 1992, for a maximum of 150 days; amended at 16 Ill. Reg. 10463, effective June 23, 1992; emergency amendment at 16 Ill. Reg. 12634, effective August 1, 1992, for a maximum of 150 days; amended at 16 Ill. Reg. 20179, effective December 9, 1992; amended at 17 Ill. Reg. 3513, effective March 2, 1993; transferred from Chapter III, 38 Ill. Adm. Code 450 (Commissioner of Savings and Loan Associations) to Chapter VIII, 38 Ill. Adm. Code 1050 (Commissioner of Savings and Residential Finance) pursuant to Savings Bank Act [205 ILCS 205] at 17 Ill. Reg. 4475; emergency amendment at 19 Ill. Reg. 11080, effective July 13, 1995, for a maximum of 150 days; emergency expired December 11, 1995; amended at 19 Ill. Reg. 15465, effective October 31, 1995; amended at 20 Ill. Reg. 388, effective January 1, 1996; recodified from Chapter VIII, Commissioner of Savings and Residential Finance, to Chapter II, Office of Banks and Real Estate, pursuant to PA 89-508, at 20 Ill. Reg. 12645; amended at 21 Ill. Reg. 10972, effective August 1, 1997; amended at 22 Ill. Reg. 230, effective December 19, 1997; amended at 24 Ill. Reg. 64, effective January 1, 2000; emergency amendment at 24 Ill. Reg. 19322, effective December 15, 2000, for a maximum of 150 days; emergency repealed at 25 Ill. Reg. 3696, effective January 30, 2001 in response to an objection of the Joint Committee on Administrative Rules at 25 Ill. Reg. 1857; amended at 25 Ill. Reg. 6174, effective May 17, 2001; emergency amendment at 27 Ill. Reg. 10783, effective July 1, 2003, for a maximum of 150 days; emergency expired November 27, 2003; amended at 28 Ill. Reg. 797, effective December 29, 2003; emergency amendment at 28 Ill. Reg. 7137, effective April 30, 2004, for a maximum of 150 days; amended at 28 Ill. Reg. 10352, effective June 29, 2004; amended at 28 Ill. Reg. 13351, effective September 21, 2004; amended at 29 Ill. Reg. 14808, effective September 26, 2005; amended at 29 Ill. Reg. 19187, effective November 10, 2005; amended at 34 Ill. Reg. 17339, effective October 29, 2010; amended at 36 Ill. Reg. 250, effective January 1, 2012; amended at 38 Ill. Reg. 2019, effective December 27, 2013; amended at 41 Ill. Reg. 12405, effective October 6, 2017; amended at 43 Ill. Reg. 5272, effective May 10, 2019; expedited correction at 43 Ill. Reg. 9197, effective May 10, 2019; amended at 46 Ill. Reg. 17985, effective October 27, 2022.
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Notation
AUTHORITY: Implementing and authorized by the Residential Mortgage License Act of 1987 [205 ILCS 635/4-1(g)].