DocMagic, Inc.'s Compliance Department has prepared an Illinois Loan Approval Notice ("Notice") (ILLAN.MSC) that outlines the terms and conditions of the residential mortgage loan agreed to between the licensee and the borrower.  Ill Admin. Code tit. 38, §1050.1305 requires the Notice to be delivered to the borrower immediately upon approval of a residential mortgage loan application.  This Notice must be provided to the borrower either personally or via first class United States mail or private delivery service.

The Notice must state the following:

1. The exact expiration date of the loan commitment;
2. All economic terms of the loan and their duration; and
3. Whether the economic terms are fixed or, if subject to change, a plain English explanation of the time when, circumstances under, and the extent to which they may be changed.

DocMagic's Compliance Department has listed the Notice in Interim Processing Disclosures and Forms, which DocMagic customers can access by selecting "Forms" from the drop-down list of the Services menu bar of the DocMagic application when the loan origination type selected is a lender or broker and the state in which the property is located is, of course, Illinois. For more information regarding our newly released Interim Processing Disclosures and Forms, please click here.

Please feel free to contact DocMagic's Compliance Department if you have any questions or comments regarding this new Loan Approval Notice.