Ill. Admin. Code tit. 38 § 1055.200

Current through Register Vol. 48, No. 36, September 6, 2024

Section 1055.200 - Assessment Factors

As used in this Part, "assessment factors" means the assessment of the following factors to determine whether a covered mortgage licensee is meeting the financial services needs of local communities:

a) activities to ascertain the financial services needs of the community, including communication with community members regarding the financial services provided;

b) extent of marketing to make members of the community aware of the financial services offered;

c) origination of mortgage loans including, but not limited to, home improvement and rehabilitation loans, and other efforts to assist existing low-income and moderate-income residents to be able to remain in affordable housing in their neighborhoods;

d) for small business lenders, the origination of loans to businesses with gross annual revenues of $1,000,000.00 or less, particularly those in low-income and moderate-income neighborhoods;

e) participation, including investments, in community development and redevelopment programs, small business technical assistance programs, minority-owned depository institutions, community development financial institutions, and mutually-owned financial institutions;

f) efforts working with delinquent customers to facilitate a resolution of the delinquency;

g) origination of loans that show an under concentration and a systemic pattern of lending resulting in the loss of affordable housing units;

h) evidence of discriminatory and prohibited practices; and

i) offering mortgage lending to unbanked and underbanked persons.

Ill. Admin. Code tit. 38, § 1055.200

Added at 48 Ill. Reg. 7172, effective 5/1/2024