We are updating the default print configurations for several Illinois escrow documents to have them only print for single unit properties.
The legal requirements for these documents refer to “single family secured real estate” or “single family owner-occupied residential property”. See Ill. Admin. Code tit. 38 § 1050.1360 and 765 ILL. Comp. Stat. 910/4. Neither of these terms are defined in the statute or the regulation. In the past, they have been inconsistently interpreted to mean either single unit or 1–4-unit residential properties. In the absence of guidance or clarification, we are interpreting these terms to refer to a single unit structure and are updating the configurations accordingly.
The affected forms are:
- Cx14127 IL Mortgage Escrow Account Act Applicability
- Cx14180 IL Pledged Time Deposit Account Disclosure
- Cx16095 IL Mortgage Escrow Account Act
These changes are available for testing on Stage & Stage 2 servers and will take effect on August 2, 2024. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR-151486
COM-4892
Update 8/2/2024:
We recently updated the default print settings for certain Illinois escrow documents so that they would only print for single unit properties.
However, after reviewing the relevant statutes, we have decided to make the following updates to the print configuration for: “IL Mortgage Escrow Account Act Applicability (Cx14127)”. This document requires a written explanation and citations of applicability and does not meet the single-unit requirement, so we will have this document print regardless of the unit.