Document Updates: IL Mortgage Escrow Account Act (Cx1207 and 16095)
New escrow requirements were imposed by the Federal government upon mortgage loans considered higher-priced under 12 CFR § 1026.35 (a HPML) and secured by a primary lien on real property, requiring escrow accounts to be maintained for at least five years (see article entitled “The June 2013 CFPB Regulations” on our website;…