Illinois Administrative Code
Title 38 - FINANCIAL INSTITUTIONS
Part 1050 - RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
Subpart L - COMMITMENT AND CLOSING PRACTICES
Section 1050.1355 - Failure to Close - Disclosure
Universal Citation: 38 IL Admin Code ยง 1050.1355
Current through Register Vol. 48, No. 12, March 22, 2024
If a residential mortgage loan fails to close within a specified commitment period, the licensee shall provide detailed written notification, in plain English, to the applicant as to why the residential mortgage loan failed to close and specifying any resulting conditions that will affect the availability of the loan.
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