According to Ill. Admin. Code tit. 38 §1050.1110 the Option to Pledge a Time Deposit in Lieu of an Escrow Account (Cx1014) and the copy of the Illinois Mortgage Escrow Account Act (Cx1207) are required to be given to the applicant “[i]f the mortgage is not FHA-insured or VA-guaranteed and relates to the purchase of owner-occupied, single family secured real estate, unless there is certainty that the lender will not require maintenance on an escrow account for payment of taxes…”
We are updating our Illinois Borrower Information Document (Cx1206) to better reflect the language of the statute by amending items 4 and 5 to state that, in addition to the FHA and VA exclusions, the disclosures are only required if the mortgage relates to the purchase of owner-occupied, single family security real estate.
Additionally, we will be updating the configuration of Cx1014 and Cx1207 to add a condition so that the documents will print for single-unit properties.
These changes will be in effect on November 30, 2021. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 358000