Illinois amended rules under the Residential Mortgage Licensing Act (RMLA). Under the amended rules, mortgage lenders, brokers, servicers and purchasers must now file and maintain an electronic surety bond through the NMLS (in lieu of a paper surety bond). The amended rules also: permit servicers to retain records in electronic or digital format; amend references to the federal Loan Estimate form and the CFPB’s “Your Home Loan Toolkit”; repeal transfer of servicing notice provisions preempted by federal law; repeal the requirement to provide a “loan approval notice” and a “changes affecting loan in process notice”; and amend the timeframe for providing a payoff statement to conform to that of federal law. In addition, the amended rules repeal outdated provisions pertaining to the registration of loan originators (as mortgage loan originators are required to be licensed under the RMLA as of 2010). The adopted rules went into effect October 6, 2017.
See the Illinois Secretary of State website for the full text of the Regulations:
http://www.cyberdriveillinois.com/departments/index/register/volume41/register_volume41_issue41.pdf
