Illinois Compiled Statutes 815 ILCS 137/120 – Review and analysis
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(a) The Commissioner or Director shall review and analyze the default and foreclosure rate data reports submitted under Section 115.
(b) The reports and their analyses may be used for the following purposes:
(1) In setting the scope of a regularly scheduled
(b) The reports and their analyses may be used for the following purposes:
Terms Used In Illinois Compiled Statutes 815 ILCS 137/120
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
(1) In setting the scope of a regularly scheduled
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examination.
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(2) In setting the scope of a special examination.
(3) In comparing the reported information of a
(3) In comparing the reported information of a
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servicer.
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(c) The Commissioner or the Director may correspond with a servicer to seek clarification of information contained in its report and to gather additional data concerning loans in default or loans in foreclosure.