Chicago to Crack Down on Unlicensed Mortgage Brokers
If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Fearing a rash of mortgage fraud, the city of Chicago and the State of Illinois are starting a crackdown on unlicensed mortgage brokers and loan originators. They did a program like this previously that netted 190,000 dollars in fines. The fear is that these charlatans will get access to the clients personal information and have the opportunity to commit identity theft or worse.
Officials with the Illinois Department of Financial and Professional Regulation have disciplined 22 mortgage offices in the Chicago area recently, mostly for employing unregistered loan originators, the workers who handle home-loan applications. In the next few months, investigators will examine the business practices of mortgage companies in the Metro East and elsewhere in the state.
“Buying a home should be the culmination of the American dream, not the beginning of a nightmare of fraud,” Gov. Rod Blagojevich said in a written statement. “We have worked hard to pass laws to protect families from fraud and abuse. We will not tolerate activities that could harm homeowners.” via STLtoday
Commercial sales are up in Miami, but not for the benefit of the seller. Many sellers cannot get the ...
I have never visited a "Haunted House" but I think that I would like to. Do you know of ...
A local real estate in Nice estimated this property 2 years ago for only 280 Million euros.
villa Palm Beach on ...
I think the world changed in mid-September with the Lehman bankruptcy and related fallout. Had we just continued on a ...
Too bad "Asia" doesn't mean Chinatown DC! 
Its true that prices are down and its a buyers market but if the lending community does not change the ...
Ha that is way funny, but hey if it works why not use it. People like that are the ...
Hey wait a minute -- did you say illegal and aliens and loans in the same sentence? First of ...
