It's official.. As of May 16th, If you want to do business as a Mortgage broker in Illinois,you have to be individually licenced, (No more blanket licences thru your brokerage house) and take a test, and be fingerprinted (Welcome Big Brother!)

This news has just knocked me out of the water.

Hopefully I'm not violatiing any rules here but...

So now ... Just about everybody I got in my database is null and void,
Who is there- out there that is properly licenced and can do 4-units residential in Illinois for me??
Stated income/asset
@100% -interest only-with 6 month reserves????
Or anything -for that matter??

I got three good deals on the burner that are gonna go south now...If I cant find anyone to fund them

Are you serious? What does this do to LO's?