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#75363 - 04/23/03 07:33 PM IL-origination fee on residential mortgage
Strout Offline
100 Club
Joined: Nov 2001
Posts: 164
A beach in the USA
I just came across a source that says IL has a 3% limitation fee on origination points. I am aware of the predatory law i.e. 5% of total loan amount but I can't seem to locate the 3% orig fee max.

If someone could point the way, I'd appreciate it!
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#75364 - 04/23/03 08:28 PM Re: IL-origination fee on residential mortgage
BKB Offline
100 Club
BKB
Joined: May 2002
Posts: 120
Midwest
I am not sure if this is what you are looking for but I found a reference to a 3% cap in 815 ILCS 205\Sec 4.1a in the Illinois Compiled Statutes. Here is a link to the regs.
http://www.legis.state.il.us/legislation/ilcs/chapterlist.html

Go to chapter 815 and select the interest act, which is 205.
I am not sure if the fee cap applies to all loan types or not.

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#75365 - 04/23/03 08:50 PM Re: IL-origination fee on residential mortgage
Elaine K. Sheehan Offline
100 Club
Elaine  K. Sheehan
Joined: Jul 2002
Posts: 157
Grand Rapids, MI
Try looking at 815 ILCS 205/4.1a. I believe that this applies to second mortgage loans and not first lien mortgage loans. Consult with an attorney.

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