Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart J - LOAN APPLICATION PRACTICES
Section 1050.1177 - Required Loan Application File Documents

Universal Citation: 38 IL Admin Code ยง 1050.1177

Current through Register Vol. 48, No. 12, March 22, 2024

For licensees engaged in loan brokering or originating, each licensee shall maintain a loan application file for each loan application. Each loan application file shall include:

a) the Loan Brokerage Agreement and Loan Brokerage Disclosure Statement, if any mortgage loan brokerage services were utilized by the borrower;

b) the Borrower Information Document;

c) all documents signed by the borrower or borrowers, including, but not limited to, the initial loan application, disclosure documents and closing documents;

d) the appraisal and credit report, as well as other third-party documents relating to the loan; and

e) all other documents in or related to the loan file.

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