Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart K - GENERAL LENDING PRACTICES
Section 1050.1250 - Good Faith Requirements

Universal Citation: 38 IL Admin Code ยง 1050.1250

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

a) For the purpose of this Part, "good faith" means honesty in fact in the conduct of the transaction.

b) Any disclosure or action required by the Act or this Part shall be made in good faith.

c) A licensee shall not accept a fee or charge for a residential mortgage loan application, unless the licensee is able to demonstrate to the Director that, if its normal residential mortgage loan requirements are met, there is a reasonable likelihood that a loan commitment will be issued for the loan for the amount, term, rate, charges and other conditions set forth in the loan application and the applicable disclosures and document required by this Part and that the loan has a reasonable likelihood of being paid by the applicant based on his or her ability to pay.

d) A licensee who has accepted an application for a loan to purchase residential real estate shall make a good faith effort to process the application within the time specified in the residential mortgage loan application.

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