§ 115

Report of default and foreclosure rates on conventional loans. (a) On or before October 1 and April 1 of each year, each servicer of Illinois residential mortgage loans shall report to the Commissioner or the Director the default and foreclosure data of conventional loans for the 6-month periods ending June 30 and December 31, respectively. (b) Each servicer shall report the following information: (1) The average quarterly dollar amount of conventional one to 4 family mortgage loans secured by Illinois real estate. (2) The average quarterly number of conventional one to 4 family mortgage loans secured by Illinois real estate. (3) The average quarterly dollar amount of conventional one to 4 family mortgage loans secured by Illinois real estate that are in default over 90 days. (4) The average quarterly number of conventional one to 4 family mortgage loans secured by Illinois real estate that are in default over 90 days. (5) The dollar amount of foreclosures on one to 4 family conventional loans completed during the reporting period. (6) The number of foreclosures on one to 4 family conventional loans completed during the reporting period. (7) Whether any of the loans where a foreclosure was completed were originated less than 18 months before the completed foreclosure. (8) Whether any of the loans where a foreclosure was completed had a note rate greater than 10% for first lien mortgage loans or greater than 12% in the case of a junior lien. (c) An officer of the servicer shall sign the form.

Legislative History

(Source: P.A. 93-561, eff. 1-1-04.)