Ill. Admin. Code tit. 38, § 1050.1820 - Guidelines
a) The core
curriculum of the Mortgage Awareness Program shall include an explanation of:
1) the amount financed;
2) the finance charge;
3) the annual percentage rate;
4) the total payments;
5) the loan costs, including broker's fees,
finance charges, points, origination fees;
6) the right of recission;
7) the foreclosure procedures;
8) the significant debt ratios, including
total debt to income, loan debt to income, and loan debt to value of
residence;
9) adjustable rate
mortgage;
10) balloon
payments;
11) credit
options;
12) each item that appears
on a good faith estimate;
13)
pre-payment penalties.
b) Counseling session attendees must also
complete a personal income and expense statement, as well as a balance sheet on
forms provided by the Division of Financial Institutions.
c) Prior to signing a certificate of
completion, counselors shall privately discuss with each attendee that
attendee's income and expense statement and balance sheet, as well as the terms
of any loan the attendee currently has or may be contemplating and provide a
third party review to establish the affordability of the loan.
d) Counseling session attendees must also be
given a brochure that contains information covered by the Mortgage Awareness
Program.
Notes
Amended at 29 Ill. Reg. 14808, effective September 26, 2005
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.