Great Meeting Turnout
WOW! We had nearly 200 people at our "Meet The Regulators" breakfast meeting on Friday, September 12, 2014. Speaking at the meeting was Christopher Lombardo, Assistant Regional Director of the CFPB, Manuel Flores, Acting Secretary of the IDFPR and Sheila Saegh Henretta, Acting Director, Division of Banking, IDFPR. The IAMP thanks all of these leaders who came to our meeting.
We are also in the process of conducting a survey of attendees and we'll share the results with everyone in the near future. So far over 25% of attendees have responded and the general consensus was very positive.
Most importantly the IAMP would like to thank our Platinum Sponsor Parkside Lending and Gold Sponsors Chicago Title, Franklin American Mortgage, Homeward Residential and Sierra Pacific Mortgage for helping to make this event the success it was. You have a choice with whom you do business so please support the companies that support your industry.
Lastly IDPFR Secretary Manuel Flores, as a direct result of this breakfast meeting, advised the IAMP that he will introduce a new task force to create better communications with all facets of the housing industry. We will let everyone know how this progresses so you may also participate in the future.
The CFPB has been busy putting out more reading material about the new TILA-RESPA rules & disclosures scheduled to take effect on August 15, 2015.
Another 98 pages of CFPB guidance have been published about the new integrated Loan Estimate and Closing Disclosure forms. Click This To Download CFPB Guidance
CFPB is also offering another webinar on October 1, 2014 on these new forms. We are sure it will be exciting!
Click Here For Webinar Registration
New APLD Requirements
8/26/14 UPDATE: House Bill 5685 has been signed into law by Governor Quinn on August 26, 2014. This bill clarifies requirements of the Anti-Predatory Lending Database.
HB5685 in part states that licensees will have 10 business days to complete data entry into the Anti-Predatory Lending Database from the date the application is signed by the applicant(s). We recommend reviewing the bill in detail.
To be clear the IAMP does not support the Anti-Predatory Database program operating in Cook, Will, Kane and Peoria counties. This program has cost Illinois taxpayers millions of dollars and no independent studies have been performed to prove the effectiveness of this program championed by House Speaker Madigan.
Click Here To View Illinois Legislative Page on HB5685
We have relocated our offices effective August 4, 2014. We are now located at 14540 John Humphrey Drive. Unit 1B, Orland Park, Illinois, 60462. Our 630-916-7720 telephone number remains the same and our fax also remains 630-396-3501. If you have any questions please contact Bob Perry direct at 630-256-8416.
Illinois Association of Mortgage Professionals - 14540 John Humphrey Drive, Unit 1B, Orland Park, Illinois 60462
Office 630-916-7720 - Fax 630-396-3501