COMPLIANCE ALERT – Attention All Illinois Residential Mortgage Licensees

IDFPR issues notice of intent to levy fines for IL Anti-Predatory Lending Database violations

The IDFPR has announced that they have taken note that many mortgage bankers and brokers have not been following the letter of the law when it comes to entering the required information into the Illinois Anti-Predatory Lending Database (APLD).  Remember, state law requires that for ALL applications taken in the counties of COOK, KANE, PEORIA and WILL, borrower information must be entered into the APLD within 10 days of application.  This was one of the biggest compliance questions that arose in my test-preparation and CE courses last year; many company owners simply did not know about the 10-day requirement.  If your company does not have procedures in place to ensure that information is entered in a timely manner, make certain that you put them in place now.  If you do not, there will be consequences on your next examination.  For more information, please refer to the notice that was posted on the IDFPR’s website this week at http://www.idfpr.com/FinLit101/SB1167/APLDFinesNotice.asp: