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#2009818 - 04/23/15 05:23 PM Consummation Date
Miss Comply Offline
Member
Joined: Mar 2012
Posts: 81
I was listening to a webinar yesterday regarding TRID. The presenter recommended that everyone determine what the consummation date is in each of our states. I have looked and cannot find any IL regs that define consummation.

Anyone aware of what it is? Hate to assume it is the closing date and then later find out it includes rescission period, when applicable.

Thanks in advance!
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#2024221 - 06/30/15 09:28 PM Re: Consummation Date Miss Comply
cle Offline
100 Club
Joined: Jan 2004
Posts: 161
Under Illinois case law, a mortgage loan is consummated on the date of the loan closing. A number of Illinois courts have held that consummation occurs on the date of the loan closing for purposes of the TILA.

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