If you have been notified by the Illinois Department of Financial and Professional Regulation (IDFPR) that you are being investigated, you need a lawyer. The truth is, you can’t afford not to!
Residential mortgage licenses are currently under extreme scrutiny and should be deliberate in all Interactions with IDFPR. Other licensees that work with the Illinois Anti-Predatory Lending Database (“APLD”) should also be deliberate.
Possible consequences of an IDFPR investigation include:
Mortgage Broker’s in Illinois may fear that hiring a good administrative law attorney to help them through an IDFPR investigation may make them appear guilty. Nothing could be further from the truth.
Immediately hiring an experienced attorney is the absolute best thing you can do. The right attorney will help you with the investigation process right from the start. Having counsel represent you shows the Department that you respect the Government’s investigative process and that you are willing to cooperate; however, your counsel will also ensure that your interests are protected.
Sometimes a Mortgage Broker who is under investigation might be afraid that hiring a lawyer to represent them in front of IDPFR might make Department administration members upset or angry.
The reality is that hiring an attorney early in the investigation process will save you time, anxiety, and money in the long term.
While hiring a lawyer is essential, finding a lawyer with IDFPR experience is crucial. Most attorneys have not practiced before IDFPR, and with your professional license on the line, you should consider an attorney that has the experience and relationships with IDFPR.
In making your decision about which lawyer to hire, be sure to consider the following:
The information in this blog post is provided for informational purposes only and is not intended to be legal advice. You should not make a decision whether or not to contact an attorney based upon the information in this blog post. No attorney-client relationship is formed nor should any such relationship be implied. If you require legal advice, please consult with an attorney licensed to practice in your jurisdiction.
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