New law exempts housing nonprofits from mortgage licensing requirement.
Byline: submitted by elizabeth tomev spokeswoman for governor Bruce rauner
SPRINGFIELD -- A new law making it easier to submit required mortgage activity reports to authorities in Illinois has been signed by Gov. Bruce Rauner. Enactment of House Bill 5542 will exempt nonprofits focused on affordable housing from having to obtain a residential mortgage license while also fostering reallocation of resources for improved tracking of market trends.
Instead of filing separate reports, mortgage professionals now can use the Nationwide Multistate Licensing System and Registry (NMLS) to comply with state reporting requirements.
"The Illinois Department of Financial and Professional Regulation strives to be innovative so that licensees can focus on their jobs and offer excellent service to the public," said IDFPR Secretary Bryan Schneider. "NMLS is a superior tool for capturing data and will make the reporting process less burdensome for both the Department and licensees."
"House Bill 5542 is an initiative of the Illinois Department of Financial and Professional Regulation, based on a request from the Habitat for Humanity organization," said State Sen. Chuck Weaver, R-Peoria.
"The purpose of the new law is to exempt nonprofit organizations focused on affordable housing from having to obtain a residential mortgage license. This, in turn, helps them promote affordable housing or homeownership education or similar services for people in need of such assistance."
"I was proud to be the sponsor of this legislation. It is a great bill," said Rep. Mark Batinick, R-Plainfield. "For years, the state has treated nonprofits like Habitat for Humanity as your everyday mortgage company. This bill sheds those regulations and allows Habitat and other nonprofits to get back to serving our communities."
IDFPR can now compile the information received to reflect a more comprehensive view to better inform the public and track market trends.
In addition, eliminating duplicative and obsolete reports will save Department resources and allow the reallocation of resources to better provide relevant information.
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