Yes, the Mortgage Escrow Account Act requires banks and other mortgage lenders to provide borrowers with two notices of the right to terminate their escrow accounts: first, at the mortgage loan closing, and second, when the mortgage loan balance is reduced to 65% of the original amount.

For resources related to our guidance, please see:

• Mortgage Escrow Account Act, 765 ILCS 910/5 (“When the mortgage is reduced to 65% of its original amount by payments of the borrower, timely made according to the provisions of the loan agreement secured by the mortgage, and the borrower is otherwise not in default on the loan agreement, the mortgage lender must notify the borrower that he may terminate such escrow account or that he may elect to continue it until he requests a termination thereof, or until the mortgage is paid in full, whichever occurs first.”)

• Mortgage Escrow Account Act, 765 ILCS 910/11 (“Notice of the requirements of the Act shall be furnished in writing to the borrower at the date of closing.”)