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Springfield, IL-Illinois' Joint Committee on Administrative Rules has agreed to revoke emergency rules on the data collection of default and foreclosure rates that were due to be filed Feb. 1.
The Illinois Office of Banks and Real Estate will work with mortgage industry leaders to come up with an alternative retrieval method by April 1.
According to Jay Stevenson, assistant commissioner of the OBRE, lenders "didn't like the format in which they would have been required to provide the information. We want to develop a method of retrieving data that is acceptable to our needs and compatible with their computer systems and they way they send information."
Among those working with the OBRE to draft the new compliance format are the Illinois Mortgage Bankers Association, the Community Bankers Association of Illinois and the Illinois Association of Mortgage Brokers.
Brian Israel, president of the Illinois Mortgage Bankers Association, "there were three areas of concern about the emergency rules. The first was that this was an incremental reporting requirement on the banks and they would have had to determine ...