Ill. Admin. Code tit. 38, § 1050.1010, which sets forth requirements concerning brokerage agreements, was recently amended in 38 Ill. Reg. 2019 (January 17, 2014). Besides an insignificant edit to Subsection (f), Subsection (h) has been altered to require a disclosure of the NMLS unique identifier of any mortgage loan originator who is assisting the loan broker in performing services for a borrower (previously it required the state registration number of the originator).
As a result, we will be modifying our standard Illinois brokerage agreement (Cx1909) to disclose the NMLS numbers of both the broker and the broker’s loan originator, rather than their state license/registration numbers.
The effective date of the amendments was December 27, 2013 (despite the rule being finalized nearly a month after the effective date), so these changes will be effective immediately. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
January 23, 2014
DR 147795