Cx14101 is provided pursuant to the provisions of Ill. Admin. Code tit. 38, § 1050.1335(a)(2) (2013). Pursuant to our yearly state-specific disclosure audit, we will be revising the content of Cx14101 in the following ways:
1. Replacing the last two paragraphs in the document, in their entirety, with new text which more closely follows the content and language of Illinois’ administrative law;
2. Adding a new field before these two paragraphs specifying the rate-lock fee (or printing “N/A,” if the field does not have a value); and
3. Revising the legal citation to conform with “Blue Book” standards and printing it in bold-type.
Please note that we will continue to provide the note to lenders in the post script of the agreement, informing them that if the borrower locks-in the interest rate in connection with a table-funded transaction, the lender must lock-in the interest rate with the funder within one business day after the borrower signs the agreement (with some exceptions), according to the Department of Financial and Professional Regulation’s Bulletin dated November, 1999 (WD99/2).
These changes will take effect on August 10th, 2013. If you have any questions or concerns about these changes please contact Client Support at 1.800.497.3584.
August 7, 2013