Illinois Adds Exemption and Company Registration Process for Independent Loan Processing Entities

Ballard Spahr LLP
Contact

Ballard Spahr LLP

Effective immediately, Illinois has amended the Residential Mortgage License Act to exempt any entity engaged solely in providing independent contractor loan processing services through the sponsoring of individual licensees. In addition, the statute is amended to create an annual registration process for such independent loan processing entities. The new provisions further clarify that a loan processor, who performs clerical or support duties at the direction of and subject to the supervision and instruction of a licensed mortgage loan originator sponsored by the independent loan processing entity, is not required to obtain his or her own mortgage loan originator license. In addition, the statute provides that an independent loan processing entity is not subject to examination by the Illinois regulator. HB4404 can be found here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Ballard Spahr LLP | Attorney Advertising

Written by:

Ballard Spahr LLP
Contact
more
less

Ballard Spahr LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide