Illinois Compiled Statutes 310 ILCS 45/10 – The Agency shall establish procedures to be followed by a mortgagee …
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Terms Used In Illinois Compiled Statutes 310 ILCS 45/10
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
The Agency shall establish procedures to be followed by a mortgagee in the event of a default under the terms of any mortgage insured by the Agency. The Agency may require that prior to submitting a claim to it for payment of insurance, the mortgagee pursue such actions with respect to the mortgaged property as may be specified by the Agency.