We do not believe that anything in those provisions requires the bank to set up a “homeownership preservation program.” Instead, Section 6.5 creates exemptions from some of the Act’s requirements for loans made by a “Subprime Mortgage Lender.” 765 ILCS 910/6.5. The term is defined as “a mortgage lender that has, for at least 2 of the prior 3 reporting years, reported the rate spread, as required under 12 C.F.R. 203.4(a)(12), for at least 75% of the loans reported by the mortgage lender” in its HMDA reporting.

As to your question on whether the Act applies to commercial loans secured by residences, we believe that it applies only to consumer-purpose loans — specifically, purchase money loans made for single-family owner-occupied residences. The law applies only to “the granting or servicing of a mortgage on a single-family owner occupied residential property” and only to lenders that make the loan “for the purpose of enabling another to purchase a residence or who services the loan.” 765 ILCS 910/4; 2(c).