Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart G - SERVICING
Section 1050.820 - Transfer of Servicing
Current through Register Vol. 48, No. 12, March 22, 2024
a) No licensee shall sell or transfer servicing to, or accept or purchase servicing from, any entity other than a licensee or an entity exempt from licensing pursuant to Section 1-4(d) of the Act unless specifically authorized by the Director.
b) Any licensee who is a party to an arrangement for large transfers of servicing shall make certain that sufficient staff and facilities are dedicated to the transfers to prevent inconvenience to mortgagors.
c) Notice to Mortgagor of Transfer. Licensee shall comply with the notice requirement set forth in 12 CFR 1024.33 (Mortgage Servicing Transfers) (2017, no subsequent dates or editions included).
d) Responsibilities of Transferring Licensee. Responsibilities of a licensee who transfers or sells servicing on a residential mortgage loan shall:
e) In addition to the notice described in subsection (c), responsibilities of a licensee buying or accepting transfer of servicing of a residential mortgage loan shall include but not be limited to: