DuPage County Mortgage Broker's License Defense Attorney

Law Firm Defending Illinois Mortgage Brokers in Disciplinary Hearings

Mortgage brokers in Illinois must meet a number of requirements in order to obtain their professional license, including completing educational courses, paying a license fee, and obtaining a surety bond. Due to the complexity of the mortgage process and the need to protect against abuse of the system, these requirements are stringent, and anyone who has completed them will understandably be distraught if they are facing disciplinary action that may result in the suspension or revocation of their license.

At Kathryn L. Harry & Associates, P.C., we understand the work you have put in to establish yourself as a mortgage broker, and we know the negative effects the loss of your license can have on your ability to make a living. If you are facing investigation or a disciplinary hearing due to a complaint, our experienced attorneys can provide you with the legal representation you need to reach a favorable outcome.

Disciplinary Action Under the RMLA

In Illinois, mortgage broker's licenses are issued through the National Mortgage Licensing System (NMLS), but they are governed by the Illinois Department of Financial & Professional Regulation (IDFPR). The IDFPR follows the statutes of the Residential Mortgage License Act (RMLA) of 1987, which provides a number of possible grounds for discipline, including:

• Fraud or deceit - Mortgage brokers may be disciplined for misrepresentation of facts or any acts of negligence during a mortgage transaction, including material or intentional misstatements on mortgage applications.
• Bankruptcy - If a broker files for bankruptcy as a debtor, they can face disciplinary action.
• Mishandling money or property - A mortgage broker must deliver any funds or property owned by someone else to their rightful owner at the agreed time when required by law, or upon demand. Failure to do so, or any other misuse or misappropriation of funds, can result in disciplinary action.
• Mismanagement of documents - Mortgage brokers can be disciplined if they fail to maintain mortgage documents and make them available upon request.
• Failure to meet reporting requirements - Brokers must submit required mortgage application information to the state of Illinois' predatory lending database, and they must follow directions regarding HUD-approved counseling. Failure to do so can lead to disciplinary action.

Contact an Elmhurst Mortgage Broker's License Defense Attorney

If you are facing the possible suspension or revocation of your mortgage broker's license, our experienced attorneys can provide you with the defense you need. We will investigate complaints, represent you in a disciplinary hearing, and work to ensure that you can continue working and earning an income. Contact our Oak Brook mortgage broker's license defense lawyers today at 630-472-9700 to schedule a free consultation. We serve clients in Wheaton, Downers Grove, Lombard, Hinsdale, Western Springs, Westmont, and surrounding areas.