The end of the calendar year is a great time to review your affiliates compliance as it relates to Qualified Loan Originator (QLO) standards. Here’s a helpful checklist to use when determining your next steps.
Action Steps for Illinois Affiliates:
- Designate a QLO for your affiliate. Even if you outsource your mortgage origination to a third party lender, there is still at least one person at the affiliate who is considered a loan originator and must be properly qualified.
- Even though Illinois has adopted a SAFE Act Exemption, Illinois affiliates must still comply with the federal TILA requirements.
- Affiliate loan originators must become qualified under the TILA agreement by:
A) Obtaining federal training. The American Bankers Association (ABA) and HFHI have created online training courses about mortgage regulations that are tailored specifically to the Habitat lending model. Log on to My.Habitat to find the ABA Training Portal.
B) Obtaining state training. Habitat Illinois has also worked with Ameritrain to provide the Illinois Mortgage Law Course that meets the federal requirement of state training. Affiliates will need to use this link to access the course. Add the training to your cart and apply the following promo code at check out: HS10POFFCPD
C) Successfully complete a background check
D) Successfully complete a credit check
E) Submit your verification to QLO compliance at firstname.lastname@example.org or use the self service portal on My.Habitat.
Please reach out if you have any questions, or need additional assistance!
Habitat Illinois Board of Directors