Sec. 115. Report of default and foreclosure rates on conventional loans.
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/il/chapter-815/act-137/115A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 115. Report of default and foreclosure rates on conventional loans.
(a)On or before October 1 and April 1 of each year, each servicer of Illinois residential mortgage loans shall report to the Commissioner or the Director the default and foreclosure data of conventional loans for the 6-month periods ending June 30 and December 31, respectively.
(b)Each servicer shall report the following information:
(1)The average quarterly dollar amount of conventional one to 4 family mortgage loans
secured by Illinois real estate.
(2)The average quarterly number of conventional one to 4 family mortgage loans secured
by Illinois real estate.
(3)The average quarterly dollar amount of conventional one to 4 family mortgage loans
secured by Illinois real estate that are in default over 90 days.
(4)The average quarterly number of conventional one to 4 family mortgage loans secured
by Illinois real estate that are in default over 90 days.
(5)The dollar amount of foreclosures on one to 4 family conventional loans completed
during the reporting period.
(6)The number of foreclosures on one to 4 family conventional loans completed during
the reporting period.
(7)Whether any of the loans where a foreclosure was completed were originated less than
18 months before the completed foreclosure.
(8)Whether any of the loans where a foreclosure was completed had a note rate greater
than 10% for first lien mortgage loans or greater than 12% in the case of a junior lien.
(c)An officer of the servicer shall sign the form.