Illinois Compiled Statutes 205 ILCS 635/5-16 – Prohibition on encouraging default
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Terms Used In Illinois Compiled Statutes 205 ILCS 635/5-16
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
A licensee may not recommend or encourage default or the failure to make timely payments on an existing residential mortgage loan or other debt prior to and in connection with the closing or planned closing of a residential mortgage loan that refinances all or any portion of the existing loan or debt.