By Linda Bonk, Real Estate Closer at Global American Title Agency, Inc.
Predatory lending affects not only the homeowner, but also the entire community. Home values decrease as properties are abandoned and neighborhoods are destroyed. To reduce predatory lending practices in Illinois, the Anti-Predatory Lending Database Program was developed.
The program is designed to assist borrowers in understanding the terms and conditions of the loan that they are applying for. This protects the borrower and helps to reduce the number of foreclosures in Illinois.
Where in Illinois does this apply?
The Anti-Predatory Lending Database Program went into effect on July 1, 2008 in Cook County and July 1, 2010 for Kane, Peoria, and Will County.
How does the program work?
If you are purchasing a property in Cook, Kane, Peoria or Will County, a certificate must be generated from this database and recorded with your mortgage at the recorders office. There are additional costs to the borrower to generate and record this certificate.
At the time of your closing the title company’s escrow officer must enter the loan information and attach certain documents such as, the Settlement Statement, Truth and Lending Disclosure, and the Good Faith Estimate into this database. The database will then determine if counseling is necessary for the borrower.
When counseling is required a HUD certified counselor reviews the terms of the mortgage with the borrower and it is then the decision of the borrower to decide if he or she wishes to proceed.
If the information entered by the mortgage and title company matches, no counseling is required and a certificate of compliance is generated to record along with the mortgage.
For more information regarding the Illinois Anti-Predatory Lending Database Program visit http://www.ilapld.com/ or contact info@globaltitle.com
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