Ill. Admin. Code tit. 47, § 300.501 - Restrictions on Compensation of Lenders

The Authority shall, by resolution of the Members adopted from time to time, establish the maximum compensation that may be realized by any Lender and by any agent of any Lender from Mortgage Loans, including any fees, premiums, bonuses and points charged by the Lender or the Lender's agent in connection with the making of Mortgage Loans. The maximum compensation shall be set at such amounts as the Authority finds reasonably necessary to induce participation in the Programs by Lenders in order to accomplish the purposes of the Act or, to the extent applicable, to ensure compliance with arbitrage and income limitations of section 143 of the Code.

Notes

Ill. Admin. Code tit. 47, § 300.501