Section 1050.1305  Approval Notice

Immediately upon approval of a residential mortgage loan application, the licensee shall deliver to the applicant, also referred to in this Section as "borrower" or "customer", either personally or via first class United States mail or private delivery service, a written loan approval notice stating the terms and condition of the residential mortgage loan agreed to by the licensee and borrower.  The approval notice shall state the following:  

a)         The exact expiration date of the loan commitment;

b)         All economic terms of the loan and their duration; and

c)         Whether the economic terms are fixed or, if subject to change, a plain English explanation of the time when, circumstances under, and extent to which they may be changed.

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