Do you have a COOK COUNTY closing after June 30? Was the application taken before July 1? So you think you are off the hook and do not have to worry about SB1167? Wrong! Your title company closer will have to enter the borrower's information into the state data base to confirm that the borrower is exempt from counseling. This will have to be done before funds are disbursed.
(Loan officers and mortgage companies will not have access to the data base until July 1 and in talking to the state, they indicated that this will be the title companies responsibility.)
If you have walked though the on-line training (which takes close to one hour), you will realize that the closer will need 30 minutes to one hour to enter the data an obtain authorization that the transaction is exempt. Without the certificate, the lender will not release funds because the loan can not be recorded.
So beware and make sure that the seller's attorney impresses on the title company that the Exempltion Certificate efforts should be done before the closing and not while everyone is sitting around the table. Or maybe you like spending extra time watching the clouds go by.
Have a great day!
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