[Loan Wolf]

Most of my business comes from Cook County and here in IL

Starting Jan 1 there is a new law HB 4050 that will require certain zip codes in Cook County to be part of Pilot program that requires loan officers to submit to the state every detail of the borrowers loan and then they may or may not BE REQUIRED to attend Debt Counseling which then based on the counselor's decision they are oked by the state to go ahead and refinance or purchase the property. The counselor can also say no benefit or shop around.

This is just part of this new law in Pilot program.
This will slow the origination process by up to 20 days.

But that is not the worst part. Since the State does not have all the specifics decided yet. All the investors and title insurance will not accept loans for all of cook county for all of Jan and Possibly beyond...

The state basically stated that there will be no loans closed for cook county all of Jan as well.