{"data":{"id":"us-il/815-ilcs-137-20","jurisdiction":"us-il","citation":"815 ILCS 137/20","heading":"Verification of ability to repay loan.","body":"The lender shall verify the borrower's ability to repay the loan in the case of a high risk home loan. The verification shall require, at a minimum, the following:\n(1) That the borrower prepare and submit to the lender a personal income and expense statement in a form prescribed by the Commissioner or the Director, who may permit the use of other forms such as the URLA (Fannie Mae Form 1003 (10/92), available from Fannie Mae, 3900 Wisconsin Avenue, NW, Washington, D.C. 20016-2892, and Freddie Mac Form 85 (10/92), available from Freddie Mac at 1101 Pennsylvania Avenue, NW, Suite 950, P.O. Box 37347, Washington, D.C. 20077-0001, no subsequent amendments or editions) and Transmittal Summary (Fannie Mae Form 1077 (3/97), available from Fannie Mae, 3900 Wisconsin Avenue, NW, Washington, D.C. 20016-2892, and Freddie Mac Form 1008 (3/97), available from Freddie Mac at 1101 Pennsylvania Avenue, NW, Suite 950, P.O. Box 37347, Washington, D.C. 20077-0001, no subsequent amendments or editions).\n(2) That the borrower's income is verified by means of tax returns, pay stubs, accounting statements, or other prudent means.\n(3) That a credit report is obtained regarding the borrower.","path":["CHAPTER 815 BUSINESS TRANSACTIONS","High Risk Home Loan Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=2499\u0026ChapterID=67\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:47Z","sha256":"e65e2bc4cc778328e6ba0cfb71543c5188fdd43379327be2c745f799b0147bc6","source_id":"us-il","stale":false,"prev":"us-il/815-ilcs-137-15","next":"us-il/815-ilcs-137-25"},"notice":"GroundRules: Original legal text. Not legal advice."}