State Guides
What brokers and loan officers should know about closings and property rules in Illinois, and how Hancock Processing works your files there.
No Illinois law requires an attorney at closing, and title companies typically conduct the closing and handle escrow. Buyers and sellers commonly hire their own attorneys, though, especially in northern Illinois, where the standard residential contract includes an attorney review period.
No. Illinois is not a community property state. Under Illinois homestead law, however, a spouse or civil union partner's signature is needed to release homestead rights in the home, so a non-borrowing spouse typically signs the mortgage or a homestead waiver even when they aren't on the loan.
In Cook, Kane, Peoria and Will counties, most owner-occupied 1-4 unit mortgage loans must be registered in the state's Anti-Predatory Lending Database, and the mortgage can't be recorded without a certificate of compliance or exemption from the database. If the loan has certain features, such as an adjustable rate, interest-only payments, a prepayment penalty or points and fees above 5%, borrowers who are first-time buyers or refinancing their primary residence must complete HUD-approved housing counseling before the loan can move forward.
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Illinois
All of them. We process every loan type we offer in Illinois, including conventional, FHA, VA, USDA, jumbo, Non-QM and DSCR loans, from the Chicago metro to Springfield, Peoria and the Metro East.
No. Our processors coordinate with the title company and with the buyer's and seller's attorneys to keep documents and conditions moving toward closing. We process loans statewide, not just in the Chicago area.
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