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WBK Industry News - State Regulatory Developments

Illinois Revises Residential Mortgage License Act

Illinois has made changes to the Residential Mortgage License Act, including requirements for annual reports and changes to the averments  provided as part of the license application.

Of particular interest is the change in the language for the “averments” previously required of all applicants as part of the application process.  Section 2-4 has been changed from “Averments of Licensee” to “Prohibited acts and practices for licensees,” and a separate statement is no longer required as part of the application.  In addition, the new language clarifies that a full serve office is required within the State of Illinois only if Section 3-4 requires such an office to be maintained.  Furthermore, mortgage brokers and servicers are no longer required to submit separate annual reports in addition to Mortgage Call Reports.

The revisions also include a general amendment throughout the Act to change the term “Nationwide Mortgage Licensing System” to “Nationwide Multistate Licensing System” and to change “Commissioner” to “Secretary” in recognition of the change of the Commissioner of Banks and Real Estate to the Secretary of Financial and Professional Regulation which became effective April 6, 2009.

The bill was effective December 19, 2018. The final changes can be found here.