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We are in the process of implementing the new integrated mortgage disclosure rules. Our forms vendor for prompted us to check state law as to whether a loan document for a consumer mortgage loan can state that a late charge will be assessed when a payment “is more than # days late” instead of “# days or more late.” – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

We are in the process of implementing the new integrated mortgage disclosure rules. Our forms vendor for prompted us to check state law as to whether a loan document for a consumer mortgage loan can state that a late charge will be assessed when a payment “is more than # days late” instead of “# days or more late.”

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We are not aware of any requirements under Illinois law as to the number of days for computing a late charge or the exact wording of your loan agreements regarding late charges. If your late charge practices match the language in your loan documents for late charges, and your late charges otherwise comply with all applicable laws, we do not see any problems with this change in wording.

We do recommend that you review your loan documents, since the vendor’s change in wording appears to result in a one-day change in your computation of late charges.