Mortgages originated by an unlicensed lender are void as against public policyJuly 2014Illinois Law Update, Page 320On March 31, 2014, the Illinois Appellate Court for the Second Circuit held, as a matter of first impression, that residential mortgages made by an unlicensed entity are invalid under the Illinois Residential Mortgage License Act of 1987, 205 ILCS 635 ("Mortgage License Act").
Implementation of the Appraisal Management Company Registration ActMay 2013Illinois Law Update, Page 228Newly enacted section 1452 of Title 68 of the Illinois Administrative Code, promulgated by the Department of Financial and Professional Regulation (the "Department"), is directed towards appraisal services and specifies rules implementing provisions of the Appraisal Management Company Registration Act, 225 ILCS 459. 68 Ill. Adm. Code 1452.
The Homeownership Mortgage Loan ProgramSeptember 2012Illinois Law Update, Page 464The Homeownership Mortgage Loan Program ("the Program"), authorized by Sections 7.19 and 7.23 of the Illinois Housing Development Act [20 ILCS 3805/7.19 and 7.23], provides for origination, making, and purchasing of residential mortgage loans to attain the general objectives of the Illinois Housing Development Act. 47 Ill. Adm. Code 300.
ABN AMRO: A victory for the foreclosed-uponBy Helen W. GunnarssonAugust 2010LawPulse, Page 394The Illinois Supreme Court holds that in a foreclosure suit, the mortgage lender must name (and thus notify) the personal representative of a deceased borrower before the trial court can hear the case.