Some frightening stats on Illinois mortgage brokers

The St Louis Post-Dispatch brings news about an expanding crackdown on unlicensed mortgage loan originators in Illinois. Deep into the article we find this:

Illinois began licensing mortgage firms and administering exams to loan originators in 2003. But less than half of the mortgage workers who took the tests were able to get permanent licenses because of credit history or criminal records, said Susan Hofer, a spokeswoman for Illinois’ financial regulatory agency.

Be careful when giving personal and credit info to a mortgage broker.

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