Current through Register Vol. 48, No. 44, November 1, 2024
Section 1055.200 - Assessment FactorsAs 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; andi) 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