The Illinois Mortgage Bankers Association (IMBA) is closely monitoring Sheriff Dart’s action to suspend serving eviction notices in Cook County to obtain a clarification on what has led up to the October 8, 2008 decision, announced at a press conference without any input from this or similar organizations.
Until we have further details, our members are not in a position to support or condemn the action. We support any efforts to comply with the protections already available under Illinois law. No eviction should ever proceed in the absence of adequate due process, and includes proper service of the complaint or petition, and an opportunity to be heard before a judge. The law already requires lenders to identify renters, where known, in the foreclosure filings. In many cases, this information is not available and the vast majority of evictions involve mortgagees, not renters. We understand and appreciate Sheriff Dart's concern about renters, and are prepared to work with our lender members to identify renters who are in homes subject to eviction orders.
Although we represent the mortgage lending community, our members support fairness in the foreclosure and eviction process. That is why the IMBA has long recognized and supported due process rights for mortgagees and renters in possession, and in fact initiated an amendment to the Illinois Mortgage Foreclosure Law in 1991 which created new procedures protecting tenants' rights.
We believe the law already protects tenants, but there is always more that can be done to prevent potential injustice. While we applaud Sheriff Dart's motivations, his office is obligated to honor the orders of state and federal courts, issued after a hearing on the merits of the foreclosure complaints. The refusal to do so in the case of valid eviction orders would not only place Dart's office in contempt of court, but also place at risk the willingness of lenders to underwrite loans in CookCounty. We stand ready to volunteer our resources to seek and be part of a solution to this problem and have requested the opportunity to meet with Sheriff Dart and discuss this matter further.
Illinois Mortgage Bankers Association (IMBA) is a not-for-profit trade association representing the residential and commercial mortgage banking industry in Illinois. IMBA was founded over eighty seven years ago with the following among its purposes: "To provide educational services related to the field of mortgage banking/real estate financing for IMBA Members and the general public; to promote mortgage banking/real estate financing by representing and making known the industry views, practices, activities and products available to its members, the general public, regulatory authorities, legislative bodies, the investment community and other interested parties; and to safeguard and protect borrowers, lenders and investors."
IMBA's broad membership is comprised of over 200 companies including mortgage bankers, federal and state chartered banks, savings and loan associations, trust companies and companies providing services to the mortgage industry such as private mortgage insurance companies, title insurance companies, attorneys, appraisers, credit bureaus and consultants.
