SPRINGFIELD, Ill. (IRN) -- Mortgage lenders better watch out. The Illinois attorney general’s office and one of the state’s regulatory agencies are going after companies that they say are leaving out vital loan information, employing untrained staff, and defrauding people.
The Illinois Department of Financial and Professional Regulation has revoked the license of the Illinois Mortgage Funding Corp., saying the business didn’t properly explain loan terms to borrowers.
The Illinois attorney general’s office is suing a Florida-based company that sent postcards to Illinoisans that say, “You will lose your home if you don’t call now.” The suit claims the company is committing rescue fraud by taking callers’ money but not helping them find lower mortgage rates.
The companies did not return calls for comment about the alleged actions.
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