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(815 ILCS 137/115)
Sec. 115.
Report of default and foreclosure rates on conventional
loans.
(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:
(1) The average quarterly dollar amount of |
| conventional one to 4 family mortgage loans secured by Illinois real estate.
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(2) The average quarterly number of conventional one
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| to 4 family mortgage loans secured by Illinois real estate.
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|
(3) The average quarterly dollar amount of
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| conventional one to 4 family mortgage loans secured by Illinois real estate that are in default over 90 days.
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(4) The average quarterly number of conventional one
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| to 4 family mortgage loans secured by Illinois real estate that are in default over 90 days.
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(5) The dollar amount of foreclosures on one to 4
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| family conventional loans completed during the reporting period.
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(6) The number of foreclosures on one to 4 family
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| conventional loans completed during the reporting period.
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(7) Whether any of the loans where a foreclosure was
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| completed were originated less than 18 months before the completed foreclosure.
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(8) Whether any of the loans where a foreclosure was
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| completed had a note rate greater than 10% for first lien mortgage loans or greater than 12% in the case of a junior lien.
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(c) An officer of the servicer shall sign the form.
(Source: P.A. 93-561, eff. 1-1-04.)
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