It has been a while since I checked on the erratic and heavy-handed Department of Commerce, but this week I took a peek at the recent regulatory actions it has imposed. Here are a few notable actions.
A series of alleged factual errors and fact omissions resulted in a $1,500 suspension of an appraiser in the northern suburbs.
A massive $55,000 civil penalty was assessed against a mortgage originator who received something of value that resulted in borrowers paying a higher interest rate.
An individual in the mortgage world changed the name on her retirement account from her own to a borrower's name to try and get the borrower approved. As a result, she had her license revoked and was assessed a $10,000 civil penalty.
A real estate agent who lied on a series of applications and renewals finally had his trail of lies catch up to him and his license was revoked.
The Department of Commerce should be dealt with very carefully. I do not recommend you deal with them on your own. You may have insurance that covers your attorney's fees and if so, I can help you secure coverage or assist you with addressing charges against you.
