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Currently we provide a disclosure entitled “Notice to Borrower of Requirements of Illinois Mortgage Escrow Account Act.” Is this disclosure still required in the State of Illinois? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Currently we provide a disclosure entitled “Notice to Borrower of Requirements of Illinois Mortgage Escrow Account Act.” Is this disclosure still required in the State of Illinois?

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We believe that this disclosure is still required under the Illinois Mortgage Escrow Account Act. That law requires you to provide notice of the Act’s requirements at every mortgage loan closing. 765 ILCS 910/11.