As part of the predatory lending database program, a title insurance company or closing agent must submit all of the following information for inclusion in the predatory lending database:
         (1) The borrower‘s name, address, social security
    
number or taxpayer identification number, date of birth, and income and expense information contained in the mortgage application.
        (2) The address, permanent index number, and a
    
description of the collateral and information about the loan or loans being applied for and the loan terms, including the amount of the loan, the rate and whether the rate is fixed or adjustable, amortization or loan period terms, and any other material terms.
        (3) Annual real estate taxes for the property,
    
together with any assessments payable in connection with the property to be secured by the collateral and the proposed monthly principal and interest charge of all loans to be taken by the borrower and secured by the property of the borrower as well as any required escrows and the amounts paid monthly for those escrows.
        (4) All itemizations and descriptions set forth in or
    
in connection with the TILA-RESPA Integrated Closing Disclosure or RESPA settlement statement, including items to be disbursed, payable outside closing “POC” items noted on the statement, and a list of payees and the amounts of their checks.
        (5) The name and license number of the title
    
insurance company or closing agent together with the name of the agent actually conducting the closing.
        (6) The names and addresses of all originators,
    
brokers, appraisers, sales persons, attorneys, and surveyors that are present at the closing.
        (7) The date of closing, a detailed list of all
    
notices provided to the borrower at closing and the date of those notices, and all information indicated on or in connection with the TILA-RESPA Integrated Loan Estimate Disclosure or the Truth in Lending statement and Good Faith Estimate disclosures.

Terms Used In Illinois Compiled Statutes 765 ILCS 77/76

  • Amortization: Paying off a loan by regular installments.
  • Borrower: means a person seeking a mortgage loan. See Illinois Compiled Statutes 765 ILCS 77/70
  • Closing agent: means an individual assigned by a title insurance company or a broker or originator to ensure that the execution of documents related to the closing of a real estate sale or the refinancing of a real estate loan and the disbursement of closing funds are in conformity with the instructions of the entity financing the transaction. See Illinois Compiled Statutes 765 ILCS 77/70
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
  • Title insurance company: means any domestic company organized under the laws of this State for the purpose of conducting the business of guaranteeing or insuring titles to real estate and any title insurance company organized under the laws of another State, the District of Columbia, or a foreign government and authorized to transact the business of guaranteeing or insuring titles to real estate in this State. See Illinois Compiled Statutes 765 ILCS 77/70
  Previous section
Next section  
 Article 3 Contents