Mortgage

Mortgage

Kirk, Durbin and IHDA Announce Re-Opening of Mortgage Assistance Program for Illinois Families

U.S. Senator Mark Kirk (R-Ill.) today joined Senator Dick Durbin (D-Ill.), Cook County Commissioner Bridget Gainer and the Illinois Housing Development Authority (IHDA) to announce the re-opening of the Illinois Hardest Hit Fund program (HHF). Starting August 1, the program will provide mortgage assistance to families struggling to make mortgage payments due to loss of income

Illinois Begins Using Uniform Mortgage Test

The Conference of State Bank Supervisors (CSBS) announced today that the Illinois Department of Financial and Professional Regulation (IDPFR or the Department) began using the National SAFE Mortgage Loan Originator (MLO) Test with Uniform State Content starting today, bringing the total number of state agencies that use the test to 52.

Illinois Regulator to Adopt New SAFE Mortgage Loan Originator Test

The Illinois Department of Financial and Professional Regulation (IDFPR) Division of Banking today announced that it will adopt the new SAFE Mortgage Loan Originator (MLO) National Test Component with Uniform State Content on June 1, 2016. IDFPR is one of 52 state agencies that have adopted the test. Additional states are eventually expected to adopt the new SAFE MLO National Test Component with Uniform State Content

New Mortgage Loan Interface Increases Efficiency, Compliance

In an effort to save mortgage licensees valuable time and resources, the Division of Banking at the Illinois Department of Financial Professional Regulation (DFPR) has created a new Anti-Predatory Loan Database (APLD) Interface. Launched on October 3rd, the interface facilitates the automatic transfer of loan data, saving mortgage licensees from manually re-entering the information. The interface is part of the Department’s ongoing efforts to increase efficiency and regulatory responsiveness

New Mortgage Loan Interface Increases Efficiency, Compliance

In an effort to save mortgage licensees valuable time and resources, the Division of Banking at the Illinois Department of Financial Professional Regulation (DFPR) has created a new Anti-Predatory Loan Database (APLD) Interface. Launched on October 3rd, the interface facilitates the automatic transfer of loan data, saving mortgage licensees from manually re-entering the information. The interface is part of the Department’s ongoing efforts to increase efficiency and regulatory responsiveness

IHDA Launches Mortgage Program to Boost Homebuying in Hardest Hit Areas and Stabilize Communities

The Illinois Housing Development Authority (IHDA) today launched its new 1stHomeIllinois loan program to help make homeownership a reality for up to 4,000 first-time homebuyers in 10 Illinois counties hardest hit by the foreclosure crisis. The program provides $7,500 in down payment assistance with an interest rate as low as 4.125 percent for a secure, 30-year fixed rate mortgage.

Hultgren Supports Bill to Expand Homeownership Options for Americans

U.S. Representative Randy Hultgren (IL-14) has cosponsored H.R. 1210, the Portfolio Lending and Mortgage Access Act, which relieves mortgage lenders like community banks and credit unions from senseless regulations which increase costs and reduce the availability of home mortgages for consumers

Hultgren Supports Legislation to Protect Community Banks

U.S. Representative Randy Hultgren (IL-14) this week voted to support two bills which will relieve community banks from excessive regulations and protect their ability to lend to Illinois homeowners. H.R. 4042, the Community Bank Mortgage Service Asset Capital Requirements Study Act of 2014, and H.R. 5148, the Access to Affordable Mortgages Act of 2014, both passed the House Financial Services Committee (FSC), of which Rep. Hultgren is a member.

MERS Wins Dismissal of Macon County, Illinois Recording Case

Reston, Virginia, - September 13, 2013 - (RealEstateRama) -- MERSCORP Holdings, Inc. announced that the United States District Court for the Central District of Illinois this week accepted the report and recommendation of Magistrate Judge David G. Bernthal and dismissed a lawsuit filed by Macon County, Illinois and Mary Eaton, Macon County Recorder of Deeds, on behalf of Macon County and other similarly situated counties in the state of Illinois, ruling in favor of MERSCORP Holdings, Inc., Mortgage Electronic Registration Systems, Inc. (MERS) and numerous other defendants.

Kirk Amendment Confronts Reverse Mortgages

WASHINGTON, D.C. - July 31, 2013 - (RealEstateRama) -- U.S. Senator Mark Kirk (R-Ill.) today applauded the Senate Banking, Housing and Urban Affairs Committee’s approval of Federal Housing Administration (FHA) solvency legislation that includes his amendment to protect seniors who take out reverse mortgage loans. The amendment, which Senator Kirk offered with Senators Bob Corker (R-Tenn.), Pat Toomey (R-Pa.) and David Vitter (R-La.), strengthens the FHA Solvency Act, a bill that reforms the FHA to put the agency on more stable financial ground.

Rep. Foster Introduces Amendment To Protect 30-Year Mortgages For Middle Class Families

Washington, D.C. - July 24, 2013 - (RealEstateRama) -- Congressman Bill Foster introduced an amendment to the PATH Act, Republican legislation which would radically remake housing finance policy leading to fewer opportunities for home ownership for middle class families.

Governor Quinn Announces Major Progress Helping Families Stay in Their Homes Through Hardest Hit...

CHICAGO, IL - July 22, 2013 - (RealEstateRama) -- Governor Pat Quinn today was joined by U.S. Department of the Treasury officials to announce the success of his Illinois Hardest Hit Program and urge homeowners to apply for up to $35,000 in mortgage payment assistance by Sept. 30 when the program ends. Since taking office in the midst of the worst recession since the Great Depression, Governor Quinn has worked hard to keep Illinois families in their homes. In the last year, properties in foreclosure have dropped to 73,688, a nearly 29 percent decrease from last year, and the downward trend continues in Illinois

TWO ATTORNEYS AMONG FOUR DEFENDANT S INDICTED IN TWO SEPARATE MORTGAGE FRAUD SCHEMES INVOLVING...

CHICAGO, IL - June 5, 2013 - (RealEstateRama) -- Two attorneys are among four defendants who have been indicted in two separate mortgage fraud cases, federal law enforcement officials announced today. In one case, an attorney, a real estate investor, and a loan originator were charged with allegedly participating in a scheme to fraudulently obtain at least five residential mortgage loans totaling approximately $1.5 million from various lenders. In the second case, an attorney was charged with allegedly participating in a scheme to fraudulently obtain at least 12 residential mortgage loans totaling nearly $3.75 million from various lenders.

State Targets Peoria to Promote Homebuyer Down Payment Assistance and Foreclosure Prevention Help

PEORIA - May 10, 2013 - (RealEstateRama) -- State and city officials today announced Governor Pat Quinn’s plans to bring affordable homebuying options and foreclosure prevention relief to Peoria residents. The state’s housing finance agency, the Illinois Housing Development Authority (IHDA) will host a comprehensive housing event on Saturday, May 18 from 9 a.m. to 2 p.m. at the Peoria Civic Center to give area residents direct access to state programs that can help homebuyers buy a home affordably or assist current homeowners to save their homes from foreclosure

130 Families Pre-Qualified for Affordable Mortgage Products at State of Illinois Homebuyer Expo

CHICAGO, IL - March 25, 2013 - (RealEstateRama) -- Approximately 130 families who attended the first-ever State of Illinois Homebuyer Expo over the weekend are now on the path to homeownership. After pre-qualifying for safe and affordable mortgage products featuring thousands of dollars in down payment and closing cost assistance, the next step for these families is to find their dream home

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Investigation by CHA and HUD Inspectors General ends with guilty plea...

The Chicago Housing Authority will receive restitution for money stolen by a former contractor and her husband after the pair pleaded guilty to stealing funds intended for the Housing Choice Voucher (HCV) program, a crime that was exposed following an investigation by the CHA’s Office of the Inspector General.

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Mayor Emanuel, Congressman Rush Join CTA to Announce Plans to Revitalize...

Mayor Rahm Emanuel and U.S. Congressman Bobby Rush today joined CTA President Dorval R. Carter, Jr. and Chicago Department of Transportation Commissioner (CDOT) Rebekah Scheinfeld to announce conceptual plans to revitalize and renovate the CTA’s Cottage Grove Green Line station and the surrounding area.

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Quigley Fights to Expand Affordable Housing and Protect Vital Infrastructure Investments

Today, U.S. Representative Mike Quigley (IL-05) fought to expand federal housing assistance and protect funding and eligibility for vital infrastructure programs that improve the economy and support local communities, including projects in Chicago and Cook County. His efforts come as the House Appropriations Committee considers the FY15 Transportation, Housing and Urban Development (THUD) Appropriations bill Fisher Investments Jay Carlson