(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:

Terms Used In Illinois Compiled Statutes 815 ILCS 137/115

  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.

        (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.
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