Is this a violation of the law?
Question by clarky2213: Is this a violation of the law?
I work for a mortgage broker in Missouri. We are not lisenced in any other states, including Illinois. When we are contacted by customers in Illinois we submit the loan to the lender in another companies name. We have designated phone lines and email accounts for our “Illinois” company. I am concerned that I may be committing wire fraud if I continue originating these loans. If anyone has any information regarding this please share. Thanks.
Best answer:
Answer by Armygrl_23
I really dont know. But you can ask your lawyer about it and find out safely.
What do you think? Answer below!
this, violation
Find a new job – if you feel you are then get out.
I think what you are doin is illegal
This is a very gray issue. If you are actually submitting a loan application in the name of a licensed broker that has hired you as a subcontractor, then you probably are not breaking the law. That company would need to make sure that it is valid for you to be a subcontractor under Illinois law. The company that is licensed in Illinois would be the one breaking any laws, not you.
I would probably have to say yes because it is usually illegal to sign something in someone besides your own’s name. I would probably stop your actions immediately and just get licensees in the other states you work in.
doesnt sound ethical
I think it’s against the law. I’d suggest getting out of that business.