Section 1050.720  Computation of Illinois Residential Mortgage Foreclosure Rate

a)         The Illinois Residential Mortgage Rate shall be that rate determined annually by the Director in accordance with Section 4-8(a) of the Residential Mortgage License Act [705 ILCS 635/4-8(a)].

b)         Each licensee shall compute its Illinois Residential Mortgage Foreclosure Rate on mortgage loans on a form prescribed by the Director.  The form shall be filed by March 1 of each year.

(Source:  Amended at 29 Ill. Reg. 14808, effective September 26, 2005)