Illinois mortgage law requires lenders to provide borrowers with:

Illinois mortgage law, like federal law, requires a written Loan Estimate, not just a verbal estimate. Lenders must provide this written document within 3 business days of application. Verbal estimates alone do not satisfy regulatory requirements as they lack the detailed information about loan terms, projected payments, and closing costs that borrowers need to make informed decisions.

Federal law requires lenders to provide disclosures well before closing, not at closing. Waiting until closing would prevent borrowers from comparing loan terms or addressing potential issues.

The Good Faith Estimate was replaced by the Loan Estimate in October 2015 as part of the TILA-RESPA Integrated Disclosure (TRID) rule. Lenders must now provide a Loan Estimate, not the outdated Good Faith Estimate.