Need to act by Monday, May 21rst, 2007. HB 4050 has the last day for commenting as May 21rst for public comment...
TWO MAJOR THINGS:
1) Summary of HB 4050 - Loan counseling for all 1-4 unit properties, unless the lender is an federally exempt lender. If the lender is not federally exempt, then all financing in Cook County meeting any of the following will require mandatory counseling, as well as review of the terms by the "STATE OF ILLINOIS:"
- Stated Income loans
- Arms less than 5 years
- Mortgage that are interest only
- Option ARMs
- All Neg Am Loans
- 100% financing
- Prepayment loans
This applies for first-time home buyers, for home buyers that have not made a purchase in the last three years, and for all re-finances.
tHERE ARE 2 MAIN CONCERNS
1) Homebuyers will have choices eliminated. All lenders whom are licensed by the State of Illinois now have to go through a higher criteria for doing a loan in Cook County than lenders who are exempt from licensing. So...the federal lenders lack the training, but get to lend to consumers without the training that the state requires.
The Department has filed nw rules pertaining to the Illinois predatory Lending Database Pilot program, also known has HB4050. There is a 45 day comment period beginning April 6, 2007 (contingent upon publication in the Illinois Register) during which industry groups, advocates and other members of the public may file comments or request a public hearing. The Department will review all of the comments submitted. Therefore interested parties may submit written comments to:
Craig Cellini
Rule Administrator
Illinois Department of Financial and
Professional Regulation
320 W. Washington
Springfield IL 62786
Comments must be submitted on or before May 21, 2007. To view a copy of the proposed 4050 Rule please click here.
2) MOST IMPORTANTLY - This program is being administered by the Illinois Department of Professional and Financial Regulation. LOOK WHAT THE DEPARTMENT JUST DID FOR EVERY REAL ESATE PROFESSIONAL IN THE STATE OF ILLINOIS.
A breach of security occurred on a State of Illinois server containing personal information of licensees of IDFPR. This was confirmed on May 3, 2007 and immediately referred it to State and Federal law enforcement authorities. This matter involves criminal conduct, and law enforcement authorities asked us to delay notification to affected licensees and the General Assembly until now so that notification would not interfere with their ongoing criminal investigation. We are notifying the General Assembly and the affected licensees simultaneously. In addition to notifying them, we are providing each licensee with information and the tools they need to help protect themselves from being victims of identity theft. At present, there is no indication that the unauthorized access to the server resulted in the theft of any personal identifying information. A preliminary investigation revealed that the data on the server was compromised sometime in January 2007. Since uncovering the breach, the compromised server has been isolated and all other like systems are being thoroughly checked for breaches of security. | ||
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Even if you do not find any signs of fraud on your credit reports, we recommend that you check your credit report every three months for the next year. For more information on identity theft, we suggest that you visit the Web site of the Federal Trade Commission at www.consumer.gov/idtheft. For any other questions or concerns, please contact IDFPR at 1-800-532-8785. |
In other words....we're all at jeapardy because of the ineptness of this department. Now they want to oversee the adminstration of this program.....Comment by tomorrow.....
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