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#817058 - 09/18/07 02:57 PM Illinois Prohibits Use of Particular Title Company
Dave M_TCA Offline
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Dave M_TCA
Joined: Oct 2000
Posts: 685
Wherever my most benevolent em...
FYI Illinois passed a bill prohibiting lenders from requiring the use of particular title insurance companies in connection with the sale of residential real property. Under the new law, a borrower who is required to pay for title insurance must be given the right to choose the title insurance company or agent. The bill became effective August 31, 2007.

Public Act 095-0570
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David J Mulkerin, CRCM
All opinions expressed are mine and not those of my employer and are not to be taken as legal advice.

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#830324 - 10/06/07 04:46 PM Re: Illinois Prohibits Use of Particular Title Company Dave M_TCA
Tesla Offline
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Thanks for posting! How are we supposed to implement this? The same as appraisers? Have a list and let the customer choose or do we just ask them who they want to order from? Then when they say they have no idea - do we select for them?

Did you change procedures to show how you are accomplishing this?
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#834890 - 10/15/07 08:13 PM Re: Illinois Prohibits Use of Particular Title Company Tesla
Dave M_TCA Offline
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Dave M_TCA
Joined: Oct 2000
Posts: 685
Wherever my most benevolent em...
We already have the list of title companies on with our list of appraisers. We still pick it out but if the customer wants a different title company, they can choose it.
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David J Mulkerin, CRCM
All opinions expressed are mine and not those of my employer and are not to be taken as legal advice.

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#835399 - 10/16/07 06:02 PM Re: Illinois Prohibits Use of Particular Title Company Dave M_TCA
sue's mom Offline
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sue's mom
Joined: Feb 2003
Posts: 455
IL
Doesn't the seller's attorney usually get the title company? I've not have a borrower ever request a different company.

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#836350 - 10/17/07 06:05 PM Re: Illinois Prohibits Use of Particular Title Company Dave M_TCA
Tesla Offline
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Joined: Nov 2003
Posts: 3,726
Are the rules for the list the same as under RESPA (5 or more)? Also, I am interpreting this to include construction loans, do you agree?
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