Home Buying in Chicago>Question Details

Ginger L, Home Buyer in Chicago, IL

Mysterious closing cost: ILAPLD Certificate Fee

Asked by Ginger L, Chicago, IL Wed Apr 29, 2009

My GFE lists this strange fee. I Googled ILAPLD, and it stands for Illinois Anti-Predatory Lending Database. Why am I being charged for this? Since I've already signed the GFE (and am waiting for the appraisal), can I still wiggle out of it?

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1
Has anyone answered your question yet? The fee being charged is by the title company for the recording of a certificate accompanying your mortgage. In Cook County, every borrowers information must be entered into the ILAPLD database. Certain variables will trigger whether or not the borrower must complete a counseling session prior to closing. I am a mortgage broker and can tell you, it's a pain in the you know what. But, I am supportive of it. There are too many bad mortgage people out there taking advantage of people. Have you purchased your new home? If so, congratulations! If not, feel free to call me at 708-878-2550.
Tom
IDFPR Certificate 031.0010792
0 votes Thank Flag Link Fri Oct 30, 2009
I have recently closed on a property in IL and have similar questions. If fee was not on the GFE, can it legally be charged? Seems, it should have been on the GFE because that is the point. The new GFE has three basic categories of fees. First, fees charged by the lender which cannot change such as origination charges or points. Second, fees charged by providers chosen by the lender which can increase by no more than 10% such as appraisal or credit report. Third, fees charged by providers chosen by the borrower which can increase or decrease without limitation such as homeowners insurance or inspections. If the amounts listed on the HUD differ by more than what the guidelines allow, then the lender has to cure the difference by closing or within 30 days thereafter.
Flag Mon Nov 19, 2012
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