This document is provided pursuant to the provisions of 765 Ill. Comp. Stat. Ann. 930/15. In order to make it more compatible for loan transactions in which mortgage insurance premiums are being paid up-front, we will be make the following changes to the document:
1. We will be modifying the text with the body of the first checkbox selection from:
“For example, your ability to stop making payments for PMI will vary, depending upon when you ask, in writing, for permission to stop making payments for PMI on: [etc.]”
To the following:
“For example, your ability to cancel PMI coverage, by requesting such cancellation in writing, may depend upon: [etc.]”
2. In addition, the logic for marking the checkboxes has been changed. The first checkbox will be selected under the following conditions:
- Mortgage Insurance 1st Installment Due Date ≠ “empty or 0”; or
- Single Premium Borrower Paid PMI ≠ “empty or 0”
The second checkbox will be selected under the following conditions:
- Mortgage Insurance 1st Installment Due Date = “empty or 0”; and
- Single Premium Borrower Paid PMI = “empty or 0”
These changes will take effect on November 17, 2015. If there are any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 186485