The law you refer to, Section 5-6 of the Illinois Residential Mortgage License Act of 1987, includes an exemption for banks. 205 ILCS 635/1-3(a)205 ILCS 635/1-4(d). However, if you have subsidiaries that are not banks, you will have to determine whether the Act’s restrictions apply to them.
Does the law that prohibits mortgage brokers from originating no income verification loans apply to a bank that is originating FHA No Credit Check Streamline Refinances?
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