Illinois permissible fees

In Illinois, a mortgage broker or lender (licensee) may charge origination fees, commitment fees, rate-lock fees, assumption fees for FHA/VA loans, and fees for third-party services such as credit reports and appraisals. Fees may be collected prior to closing only under specified conditions, including a written loan commitment or loan brokerage agreement, and must be escrowed. There are no state-imposed caps on fee amounts. Brokers and lenders are subject to the same restrictions.