IL HB0856

Amends the Residential Mortgage Licensing Act of 1997 to add requirements for mortgage servicing transfers by licensed entities.

Requires licensees to retain a 25% interest in residential mortgage servicing whenever they transfer or sell the servicing rights.

Maintains existing notice requirements that licensees must notify mortgagors simultaneously with any servicing transfer, including the servicer's name, address, telephone number, and payment instructions for the next three months.

Takes effect immediately upon becoming law.