Amendment 3 for HB1478 was filed this afternoon (May 18) and the mortgage broker industry must take a stance.

Licensees of Illinois, which includes all mortgage bankers and mortgage brokers would not be able originate any Stated Income or No Income Verification loans anyplace in the state of Illinois, if this law passes.

  In addition you have a fiduciary responsibility on all loans. That means you are being help personally responsible for your actions. I mean your personal assets can be attached by the Attorney General or taken in a law suit by the borrower.

It is time for your to call your state legislator on HB1478 and ask for a NO vote.

This is legislation proposed by Representative Burke.

We want a no vote because it is not right to allow banks to make stated income loans to the same borrowers that you are being told that you cannot. The banks are the ones approving the loans as wholesalers but yet we are being penalized. Also, this stops the right to use Fannie DO and Freddie LP system if the approval comes back as not needing income verification.

How do you feel about having your personal assets on the hook every time you make a loan.

BY THE WAY.... this doesn't apply to the organizations not required to get Illinois licensing.  This discriminates against those professionals who truly are lending with integrity, knowledge and educaton, but opens the door for "order takers" that don't know the industry.  This legislation will open the door for unfair lending by untrained individuals to proliferate.