New IL Mortgage And Trust Deeds May "Name Names"!

If the proposed Illinois Senite Bill SB2611 Amends the Conveyances Act, appraisers, loan officers, originators, and companies will ALL be listed. The summary of the bill states: Provides that every mortgage or deed of trust in the nature of a mortgage relating to the financing of residential real estate must include the name of the:

• financial institution providing the financing and the loan officer who signed the document,
• the name of the residential mortgage licensee receiving compensation relating to the financing,
• the name of the loan originator who signed the mortgage loan application, and
• the name of the real estate appraiser who provided the appraisal on which the financing was based.

Provides that the county recorder may not record a mortgage if the required information is not provided. Provides that the failure to comply with the new requirements does not invalidate the recording of a mortgage or trust deed or impair the rights of the mortgagee or beneficiary of the trust deed.