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Does Illinois law require us to inform a borrower that they will receive the following materials in connection with their residential mortgage loan application: the Settlement Cost Booklet, a Good Faith Estimate of Settlement Costs, a “RESPA Servicing Disclosure,” a copy of the loan application or equivalent form, a copy of the bank’s privacy statement, a notice detailing the customer identification procedures, the Consumer Handbook on Adjustable Rate Mortgages, and a separate disclosure and description for the specific type of adjustable rate mortgage. – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Does Illinois law require us to inform a borrower that they will receive the following materials in connection with their residential mortgage loan application: the Settlement Cost Booklet, a Good Faith Estimate of Settlement Costs, a “RESPA Servicing Disclosure,” a copy of the loan application or equivalent form, a copy of the bank’s privacy statement, a notice detailing the customer identification procedures, the Consumer Handbook on Adjustable Rate Mortgages, and a separate disclosure and description for the specific type of adjustable rate mortgage.

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No, we do not believe Illinois law requires you to inform a borrower that you will be providing those disclosures. However, we understand it may be a best practice to obtain a borrower’s signature acknowledging receipt of those disclosures, as proof of your compliance with those federal requirements.