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Does the Illinois Escrow Act apply to a second home that is owner-occupied? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Does the Illinois Escrow Act apply to a second home that is owner-occupied?

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Yes, the Mortgage Escrow Account Act applies to a second home that is owner-occupied. The Act applies to any “mortgage on a single-family owner occupied residential property,” without differentiating between a first or second home.

For resources related to our guidance, please see:

  • Mortgage Escrow Account Act, 765 ILCS 910/4 (“On or after the effective date of this Act, each mortgage lender in conjunction with the granting or servicing of a mortgage on a single-family owner occupied residential property, shall comply with the provisions of this Act.”)