The Illinois Private Mortgage Insurance Disclosure (our Cx1311) is required to be given when PMI is required for a “principal single family residence of the mortgagor” (765 ILCS 930/5). However, Section 930/30 says:
If federal law is enacted governing or otherwise regulating private mortgage insurance, a mortgagee who is governed by the provisions of this [Illinois Mortgage Insurance Limitation and Notification] Act may have the option to comply with the federal law, and compliance with the federal law by the mortgagee shall be deemed compliance with this Act.
The Homeowner’s Protection Act (HPA) PMI disclosure requirements also apply to a “principal single family residence”. As such, we are retiring Cx1311, since our generic PMI disclosures which are given to satisfy the HPA requirements (such as Cx29 and Cx862) are sufficient to satisfy the provisions of 765 ILCS 930 under virtually all circumstances. Therefore, Cx1311 will no longer print generically, but is being assigned to all clients who currently have custom print configurations, and will be retained only as an “upon request” document.
This change will be in effect on July 14, 2018. If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.