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Financial Services Law Insights and Observations

Illinois Amends Mortgage Originator Licensing Requirements

Mortgage Origination


On January 6, the Illinois Department of Financial and Professional Regulations published amendments to regulations governing mortgage originator licensing. The amendments, which are effective immediately, include an increase in certain fees paid by mortgage loan originators to cover costs incurred by the Department in providing current services. Other amendments include those to (i) reestablish and update license reporting provisions, including through the use of the Nationwide Mortgage Licensing System and Registry, to implement state-law changes required by the federal SAFE Mortgage Licensing Act; (ii) require submission of a purchasing activity report; and (iii) establish a new standard for payment processing by servicers. The purchasing activity report requires annual reporting of (i) the names of originating entities, (ii) dollar amounts for each loan by property address, (iii) dollar amount of Illinois loans contained in a multi-state property portfolio, and (iv) total dollar amount for all Illinois loans purchased.