(815 ILCS 137/115)
Sec. 115.
Report of default and foreclosure rates on conventional loans.
(a) On or before October 1 and April 1 of each year, each servicer of Illinois residential mortgage loans shall report to the Commissioner or the Director the default and foreclosure data of conventional loans for the 6-month periods ending June 30 and December 31, respectively.
(b) Each servicer shall report the following information:
(1) The average quarterly dollar amount of conventional one to 4 family mortgage loans secured by Illinois real estate.
(2) The average quarterly number of conventional one to 4 family mortgage loans secured by Illinois real estate.
(3) The average quarterly dollar amount of conventional one to 4 family mortgage loans secured by Illinois real estate that are in default over 90 days.
(4) The average quarterly number of conventional one to 4 family mortgage loans secured by Illinois real estate that are in default over 90 days.
(5) The dollar amount of foreclosures on one to 4 family conventional loans completed during the reporting period.
(6) The number of foreclosures on one to 4 family conventional loans completed during the reporting period.
(7) Whether any of the loans where a foreclosure was completed were originated less than 18 months before the completed foreclosure.
(8) Whether any of the loans where a foreclosure was completed had a note rate greater than 10% for first lien mortgage loans or greater than 12% in the case of a junior lien. (c) An officer of the servicer shall sign the form.
(Source: P.A. 93-561, eff. 1-1-04.)