Ill. Admin. Code tit. 38, § 1050.1320 - Charges to Seller
a)
Except for FHA-insured or VA-guaranteed residential mortgage loans, no licensee
shall:
1) impose any charges upon a seller
under a borrower's purchase contract;
2) condition any commitment for a residential
mortgage loan upon the agreement of the seller to pay such charges;
or
3) incur any charges on behalf
of the seller, unless specifically authorized by that seller to do
so.
b) With respect to
FHA-insured or VA-guaranteed residential mortgage loans, the licensee shall
provide, at time of application, a written good faith estimate or TILA-RESPA
Integrated Loan Estimate Disclosure of the amounts and nature of charges to be
paid that are disallowed by the applicable Federal agency for payment by the
buyer. A clear and conspicuous statement shall disclose that such charges are
disallowed by the applicable Federal agency for payment by the borrower.
Examples of such charges may include, but are not limited to, tax service fee,
assignment fee, underwriter fee.
c)
For purposes of this Section, "seller" refers to the vendor of real estate that
is the subject of the residential mortgage loan.
Notes
Amended at 29 Ill. Reg. 14808, effective September 26, 2005
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