Mortgage brokers play an important role in the real estate marketplace, helping connect lenders and borrowers and ensuring that the loan options provided by a lender will fit a borrower’s needs. Because of the significant financial impact that a mortgage broker can have on multiple parties, they are closely regulated by the Illinois Department of Financial and Professional Regulation (IDFPR). When issues such as disciplinary action or denial of licensure arise, mortgage brokers should work with an experienced attorney to determine the best way to proceed.
At Williams & Nickl, LLC, our lawyers have a combined total of more than 55 years of legal experience, and we have represented over 3,000 licensed professionals before the IDFPR. Attorney Edward W. Williams is the former IDFPR Chief of Prosecutions, and he and Attorney Fred Nickl provide our clients with an unparalleled understanding of the procedures followed in IDFPR investigations and prosecutions. We can ensure that your rights are protected while working to minimize any potential license discipline that you may face.
Mortgage broker licenses are regulated by the IDFPR’s Bureau of Residential Finance’s Division of Mortgage Banks & Brokers. The IDFPR may take disciplinary action against a broker’s license for multiple reasons, including:
Any formal Complaints or notices from the IDFPR of pending disciplinary action should be addressed immediately. If you have been contacted by an IDFPR investigator or prosecutor, you should contact us before agreeing to an interview, providing any documents or other information, or surrendering your license. We will consult with you for up to one hour at no charge, and we will review your case, explain the forms of discipline the IDFPR is likely to pursue, and help you understand the best steps to take to protect your license.
Our lawyers can ensure that the relevant laws, statutes, rules, and procedures are followed during your case. We can determine how the Illinois Residential Mortgage License Act of 1987 (225 ILCS 635, et. seq.) applies to your situation, and we will walk you through the administrative procedures that will be followed, including those defined in the Civil Administrative Code of Illinois (20 ILCS 2105/2105-1, et. seq.) and the Rules of Practice in Administrative Hearings (68 ILAC 1110.5, et. seq.). Edward and Fred will work to help you avoid or minimize public discipline to your mortgage broker license.
We have a record of success defending business professionals against license discipline. In one case, we represented a broker who was accused of fraud. The IDFPR demanded the suspension of his license. When preparing to take the case to trial, we demonstrated that the IDFPR’s witnesses would not hold up under cross-examination, which led the IDFPR to dismiss the case without any public discipline.
An applicant for a mortgage broker license may be contacted by the IDFPR with a Notice of Deficiency Checklist or a request for information about their background, previous instances of sister-state disciplinary action, or any criminal convictions. Before responding to these requests, you should contact us to discuss how you should proceed. In your complimentary one-hour consultation, we will help you understand how these queries may affect your license application and the steps you can take to ensure that your license is issued quickly. If necessary, we can help you draft an explanation letter to the IDFPR that will properly answer questions; in many cases, licenses are issued very soon after these letters are received.
Whether you need to defend against disciplinary action to your mortgage broker license or ensure that your license is issued as quickly as possible, Williams & Nickl, LLC can provide the legal help you need. To schedule your free consultation, contact our office today at 312-335-9470.