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Does Illinois law require mechanics lien coverage on final mortgage insurance policies for construction loans that are refinanced into an amortized loan? – IBA Compliance Connection

IBA Compliance Connection

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Does Illinois law require mechanics lien coverage on final mortgage insurance policies for construction loans that are refinanced into an amortized loan?

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No, we are not aware of any such requirement in Illinois law. Our guess is that the Freddie Mac representative was providing you with a generic response, in the sense that it would expect the mortgage note to comply with all relevant aspects of a state’s laws.