This text of Illinois § 4-8 (Delinquency; examination) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
(b)The Secretary shall conduct as part of an examination of each licensee a review of the licensee's loan delinquency data. This subsection shall not be construed as a limitation of the Secretary's examination authority under Section 4-2 of this Act or as otherwise provided in this Act. The Secretary may require a licensee to provide loan delinquency data as the Secretary deems necessary for the proper enforcement of the Act.
(c)The purpose of the examination under subsection (b) shall be to determine whether the loan delinquency data of the licensee has resulted from practices which deviate from sound and accepted mortgage underwriting practices, including, but not limited to, credit fraud, appraisal fraud, and property inspection fraud. For the purpose of conducting this e
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(a) (Blank). (b) The Secretary shall conduct as part of an examination of each licensee a review of the licensee's loan delinquency data. This subsection shall not be construed as a limitation of the Secretary's examination authority under Section 4-2 of this Act or as otherwise provided in this Act. The Secretary may require a licensee to provide loan delinquency data as the Secretary deems necessary for the proper enforcement of the Act. (c) The purpose of the examination under subsection (b) shall be to determine whether the loan delinquency data of the licensee has resulted from practices which deviate from sound and accepted mortgage underwriting practices, including, but not limited to, credit fraud, appraisal fraud, and property inspection fraud. For the purpose of conducting this examination, the Secretary may accept materials prepared for the U.S. Department of Housing and Urban Development. (d) The Secretary, at his or her discretion, may hold public hearings. Such testimony shall be by a homeowner or mortgagor or his agent, whose residential interest is affected by the activities of the residential mortgage licensee subject to such hearing. At such public hearing, a witness may present testimony on his or her behalf concerning only his or her home or home mortgage, or a witness may authorize a third party to appear on his or her behalf. The testimony shall be restricted to information and comments related to a specific residence or specific residential mortgage application or applications for a residential mortgage or residential loan transaction. The testimony must be preceded by either a letter of complaint or a completed consumer complaint form prescribed by the Secretary. (e) The Secretary shall, at the conclusion of the public hearings, release his or her findings and shall also make public any action taken with respect to the licensee. The Secretary shall also give full consideration to the findings of this examination whenever reapplication is made by the licensee for a new license under this Act. (f) A licensee that is examined pursuant to subsection (b) shall submit to the Secretary a plan which shall be designed to reduce that licensee's loan delinquencies. The plan shall be implemented by the licensee as approved by the Secretary. A licensee that is examined pursuant to subsection (b) shall report monthly, for a one year period, one, 2, and 3 month loan delinquencies. (g) Whenever the Secretary finds that a licensee's loan delinquencies on insured mortgages is unusually high within a particular geographic area, he or she shall require that licensee to submit such information as is necessary to determine whether that licensee's practices have constituted credit fraud, appraisal fraud or property inspection fraud. The Secretary shall promulgate such rules as are necessary to determine whether any licensee's loan delinquencies are unusually high within a particular area.