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Initial Disclosures
Illinois Anti-Coercion Insurance Disclosure
Illinois Borrower Information Document
Illinois Collateral Protection Insurance Notice
Illinois Loan Broker Disclosure Statement
Illinois Loan Brokerage Disclosure Statement and Agreement
Illinois Mortgage Loan Services Disclosure
Illinois Prepayment Penalty Disclosure
Illinois Requred Underwriting Documentation
Illinois Title Insurer Disclosure
Mortgage Loan Origination Agreement
Option ARM Analysis
Variable Rate Mortgage Loan Program Disclosure
Borrowers must be
provided with complete copies of all initial disclosures and all
closing loan documentation.
GFE: Lender and/or
broker fees MUST be expressed as a dollar amount and not a percentage.
Borrower Information Disclosure:
Lender and Broker at time of application. Required to be signed by the
borrower prior to signing the 1003 or prior to consideration of
application (whichever comes first).
Broker Agreement/Broker Fee
Disclosure Addendum:
Broker at application. Required to be signed and dated by the borrower
and the Illinois licensee at the same time. (BCC recommends remittance
via facsimile) A copy of the executed agreement must also be sent to
the borrower for their records. Any changes require re-disclosure.
Escrow Account Act Disclosure:
Lender and Broker at application. Escrow Account Act 765 ILCS 910 copy.
Escrow Disclosure:
Lender at application; explains requirements and disbursements of
escrow accounts.
Collateral Protection / HOI
Disclosures:
Lender and Broker at time of application. Advises the borrower of
collateral protection insurance requirements and disclosing that we as
a broker/lender are prohibited from requiring hazard insurance beyond
the amount it would take to replace the collateral property.
Mortgage Awareness Program (MAP)
Disclosure:
Lender and Broker at time of application. The state of Illinois offers
counseling to anyone seeking mortgage financing in the state of
Illinois and requires the borrower(s) receive notification of the
available services. Waiver of participation in Mortgage Awareness
Program: Lender and Broker at time of application however, waiver may
not be accepted prior to two business days from the
applicant’s
receipt of the Mortgage Awareness Program (MAP) Disclosure.
Choice of Title Insurance
Provider Notice to Applicant:
Lender and Broker at time of application. Explains that neither, the
lender or the broker can require a particular title insurance provider.
Change in terms OR Failure to
Qualify:
Lender and Broker Prior-to-Docs. If any change in loan terms takes
place re-disclosure is required including this change in term
disclosure or send the Failure to Qualify if a counteroffer is extended
because the borrower failed to qualify for the original terms requested.
Commitment Agreement (Approval
Notice): Lender
and Broker at time of lock must be wither delivered personally or sent
via first class mail and receipt retained in file. Exact terms of docs
to be drawn must be reflected.
Failure to close:
Lender and Broker to send if commitment expires.
Time Deposit Escrow Disclosure:
Lender Prior-to docs; explains borrower options regarding withholding
of escrow funds from monthly installments.
Servicing Transfer:
Lender at time of servicing transfer, broker at time of docs advising
the lender will determine the retention and/or transfer of loan
servicing.
Final Disclosures
Coming Soon
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