(815 ILCS 137/125)
Sec. 125.
Third party review of high risk home loans.
(a) In the case of any high risk home loan, the borrower shall be afforded
the opportunity to seek independent review by the Office or the Department
of the loan terms, in order to determine affordability of the loan, when
and
if the General Assembly appropriates adequate funding to the Office
or the Department specifically for this Section.
(b) The Office or the Department shall inform the borrower of the
amount the borrower has available for a monthly mortgage payment based upon
the borrower's budget.
(c) The Office or the Department shall review loan
information pertaining to balloon payments and adjustable interest rates and
other items disclosed by the loan documents affecting amount of payment and
shall inform the borrower of such items.
(d) If, based upon the review, the borrower determines that the loan is not
in his or her best economic interest, the reviewer shall so notify the lender.
This
determination shall enable the borrower to withdraw from the contemplated loan
with no financial penalty.
(Source: P.A. 93-561, eff. 1-1-04.)
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