Illinois

Illinois has started a new newsletter that is available on its website: http://www.obre.state.il.us/RESFIN/NewsLetters/MBNewsLetter042009.pdf. The newsletter details the new licensing fees that have gone effect, which are lower than they used to be. There’s a good article on enforcement actions which itemizes the most common mistakes that get mortgage companies into regulatory hot water. If you’ve ever had your books and files examined by a state banking department, you know how easy it is to find missing documents from files, advertising that is not compliant, or issues with unlicensed branches or loan originators. Such mistakes are costly to you as the banking department assesses penalties. The newsletter also reminds loan originators that it is time to renew their licenses.

Even if you are not licensed in Illinois, you may want to take a look at the newsletter or see if your state has online newsletters. Much of the information in these newsletters can be used by almost any mortgage company in any state since the licensing statutes are similar in most states and getting more uniform as more states join the NMLS.