TITLE 38: FINANCIAL INSTITUTIONS
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 1050 RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
SECTION 1050.1278 NEGATIVE EQUITY
CHAPTER II: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
PART 1050 RESIDENTIAL MORTGAGE LICENSE ACT OF 1987
SECTION 1050.1278 NEGATIVE EQUITY
Section 1050.1278 Negative Equity
No lender shall make a high risk home loan when the loan amount exceeds the value of the property securing the loan plus reasonable closing costs not to exceed 5% of the total loan amount.
(Source: Amended at 29 Ill. Reg. 14808, effective September 26, 2005)