Bulletin W13-116 – Update, Illinois Anti-Predatory Certificate of Compliance
Topic included in Bulletin W13-116:
- Loans originated in Illinois and specifically, Cook, Kane, Peoria and Will counties require a Certificate of Compliance to be compliant with the Illinois Anti-Predatory regulations
- The Loan Originator must be registered to do business in Illinois and registered with the Illinois Ant-Predatory Database
- Loan Officer must within 10 days after taking a residential mortgage application in Cook, Kane, Peoria and Will counties, must submit the required documentation to the Database. Within seven (7) days after the receipt, the Department will determine whether or not counseling is recommended.
- Borrower may not waive counseling.
- Within five (5) days of any changes the Loan Officer must resubmit all of the information to the Illinois Anti-Predatory Database and the Department will determine if re-counseling is required.
- Certificate of Compliance must be included in the file at time of submission and any subsequent new Certificate must be uploaded and labeled:
- Encompass, Efolder – Title Other
- Data Trac, EMD – Preliminary Title Report
- The state guide is in the process of being updated
- Effective immediately
Download: Bulletin – W13-116 (PDF)