Reminder of Illinois Anti-Predatory Lending Database entry requirements for licensed correspondent sellers

Applies to: Illinois loan applications delivered to Arc Home by licensed correspondent sellers, covering all property types, second liens and investment or business-purpose loans.

Addressed to

Arc Home correspondent sellers and wholesale brokersFrom the publisher, not quoted from the text

Investor

ArchomeFrom the publisher, not quoted from the text

Affected documents

Illinois APLD database entry record

Exceptions

Entities exempt from Illinois RMLA licensing

Applicability confidence

Needs review: some rows could not be matched to a quote from the source

Summary by AWACS. Arc Home's guide is proprietary, so AWACS does not reproduce its text. Read the official announcement ↗ (opens in a new tab)

What to review: Compliance should check that its Illinois process enters every covered loan application in the Illinois Anti-Predatory Lending Database within 10 days of application, including second liens and investment or business-purpose loans; this reminder states no new mandatory change, and only entities exempt from Illinois RMLA licensing are exempt from entry.

QC implications

• Sample Illinois loans delivered to Arc Home by licensed correspondent sellers to confirm each was entered in the Illinois Anti-Predatory Lending Database within 10 days of application.
• Include second liens and investment or business-purpose loans in the sample, because the reminder covers every property type.
• Where a loan was not entered, confirm the seller is an entity exempt from Illinois RMLA licensing.