Who really regulates attorneys in Illinois?

In April, 2017, the Illinois Department of Financial and Professional Regulation (“IDFPR”) initiated prosecutions of two Illinois attorneys for alleged violation of the Real Estate Appraisal Licensing Act of 2002 (225 ILCS 458/Art. 1) (the “Appraisal Act”). The two attorneys were engaged in representation of clients and were attempting to obtain reductions in the assessed value of certain real estate parcels.

articleRalph SchumannNovember 29, 2017

Are You Ready for the New Residential Real Estate 'Consummation' Rules?

The article, which provides a timely update concerning the new TILA-RESPA Integrated Disclosure (a/k/a "TRID" or "Know Before You Owe") rule taking effect October 3, 2015, quotes Ralph Schumann. The new system will affect most residential real estate transactions.

articleRalph SchumannOctober 24, 2017

'We Were Told To Lie,' Say Bank Of America Employees

Recently, former employees of Bank of America admitted in sworn statements filed in a civil lawsuit pending in federal district court in Massachusetts that they were "told to lie" to homeowners, fraudulently denied loan modifications and were given bonuses, gift cards, and other incentives to intentionally push into foreclosurepeople who would have otherwise qualified for a HAMP or other loan modification.