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Illinois to Rely on Mortgage Database
CHICAGO (AP) -- Illinois is embracing a licensing database that officials say will help ensure the competency of mortgage loan professionals.

The Illinois Department of Financial and Professional Regulation says it'll start to use the Nationwide Mortgage Licensing System for license applications and renewals on Jan. 4.

The secretary of the Illinois Department of Financial and Professional Regulation, Brent Adams, says the network will help state officials better monitor the mortgage industry.

Officials, for instance, can search the network to check if someone moving to Illinois has a record of disciplinary action in other states.

The system also enables Illinois mortgage companies and their staff to manage their licenses electronically.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
12 29 09 by Newsroom
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