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:
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The renewal application provisions were removed due to a conflict with the 30-day timely renewal application deadline.
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The paper surety bond requirements were removed in light of the new electronic surety bond (ESB) requirement that Illinois has adopted through the NMLS.
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References are made to the TILA-RESPA Integrated Disclosure (TRID) Loan Estimate form, replacing the Good Faith Estimate form in most residential mortgage transactions.
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Servicers may now retain their records in electronic or digital format instead of paper form.
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The provisions regarding changes affecting loan in process and approval notice were repealed to reflect the new CFPB-required notifications to consumers of loan term changes in TRID process.
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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.
