Documents related to the Illinois Mortgage Escrow Account Act in ConformX are required to be provided if the mortgage is not FHA-insured or VA-guaranteed, relates to the purchase of an owner-occupied, single-family residence, and an escrow account used to pay taxes is or may be required (765 Ill. Comp. Stat. Ann. 910 et seq.).
Illinois Mortgage Escrow Account Act Document Print Conditions Uniformity
Four of the required documents have been modified to print for Illinois loans when the following conditions are met:
- Loan Has Tax Escrow (FI 61570) is “Yes”;
- Base Type (FI 2274) is Conventional or RD;
- Occupancy (FI 1161) is Primary Residence or Second Home;
- Loan Purpose (FI 5991) is Purchase or Construction to Permanent; and
- Property Number of Units (FI 152180) is One Unit:
Initial Disclosure Documents
- Cx14180 IL Pledged Time Deposit Account Disclosure – Example
- Second Home occupancy has been added.
- Construction Only loan purpose has been removed.
- Now limited to only print if there is a tax escrow account.
- Cx1207 IL Mortgage Escrow Account Act
- Second Home occupancy has been added.
- Now limited to only print if the loan purpose is Purchase or Construction to Permanent.
- Now limited to only print if there is a tax escrow account.
Closing Documents
- Cx1014 IL Pledged Time Deposit Account Disclosure
- Second Home occupancy has been added.
- Construction Only loan purpose has been removed.
- Now limited to only print if there is a tax escrow account instead of any escrow account.
- Cx16095 IL Mortgage Escrow Account Act
- Second Home occupancy has been added.
- Now limited to only print if the loan is Conventional or RD.
- Now limited to only print if the loan purpose is Purchase or Construction to Permanent.
- Now limited to only print if there is a tax escrow account instead of any escrow account.
Global Mappings for IL Mortgage Escrow Account Act Does Not Apply (FI 42422)
Cx14127 IL Mortgage Escrow Account Act Applicability is required if the Illinois Mortgage Escrow Account Act and the related documents listed above do not apply. This document prints for Illinois Closing document packages when IL Mortgage Escrow Account Act Does Not Apply (FI 42422) is set to “Yes”.
The global standard value mapping on IL Mortgage Escrow Account Act Does Not Apply that sets the field to “Yes” has been modified to remove Second Home occupancy, set the field to “Yes” if the number of units is not One Unit, add Construction Only loan purpose, and add escrow accounts that are not tax escrow.
This means the field IL Mortgage Escrow Account Act Does Not Apply will be set to “Yes” for Illinois loans under any of the following conditions:
- Loan Has Tax Escrow (FI 61570) is not “Yes”;
- Loan Type (FI 1066) is not Conventional or RD;
- Occupancy (FI 1161) is not Primary Residence or Second Home;
- Loan Purpose (FI 5991) is not Purchase or Construction to Permanent; or
- Property Number of Units (FI 152180) is not One Unit.
A new “No” global standard value field mapping on IL Mortgage Escrow Account Act Does Not Apply will set the field to “No” when the Illinois Mortgage Escrow Account Act does apply, again that means the field will be set to “No” when the following conditions are all met:
- Loan Has Tax Escrow (FI 61570) is “Yes”;
- Loan Type (FI 1066) is Conventional or RD;
- Occupancy (FI 1161) is Primary Residence or Second Home;
- Loan Purpose (FI 5991) is Purchase or Construction to Permanent; and
- Property Number of Units (FI 152180) is One Unit.
IL Mortgage Escrow Account Act Does Not Apply will also be set to “No” for states other than Illinois.
Document Logic Update
The content of IL Mortgage Escrow Account Act Applicability (Cx14127) has also been modified. The default logic that checks some of the checkboxes has been updated.
The box “The mortgage loan does not relate to the purchase of an owner-occupied security real estate. Ill. Admin. Code tit. 38, § 1050.1360(a).” will check if:
- Occupancy (FI 1161) is Investment; or
- Loan Purpose (FI 5991) is not Purchase or Construction to Permanent.
The box “The mortgage loan does not relate to the purchase of a single family security real estate. Ill. Admin. Code tit. 38, § 1050.1360(a).” will check if:
- Property Number of Units (FI 152180) is greater than One Unit; or
- Loan Purpose (FI 5991) is not Purchase or Construction to Permanent.
The box “The Lender elects to not require maintenance of an escrow account or other specific arrangement for the payment of taxes. Ill. Admin. Code tit. 38, § 1050.1360(c).” will check if:
- Loan Has Tax Escrow (FI 61570) is not “Yes”.
Effective Date
These changes are available for testing on Stage & Stage 2 servers and will take effect on January 22, 2025. If you have any questions or concerns, please contact Client Support at 1.800.497.3584.
Update
The effective date has been extended to January 22, 2025 to give additional testing time for these changes.
LEG-2284
COM-5312
DR-164330
T3S-18741