Illinois Department of Financial & Professional Regulation Illinois Department of Financial & Professional Regulation
 
Manuel Flores, Acting Secretary  
Pat Quinn, Governor
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The Illinois Department of Financial and Professional Regulation news page provides access to the department's news and press releases.

 

FOR IMMEDIATE RELEASE
May 8, 2014

State of Illinois

Mortgage Fraud Task Force Investigation Leads to
License Revocation

 

 

CHICAGO –The Illinois Department of Financial and Professional Regulation (IDFPR) Mortgage Fraud Task Force announced that today the Division of Banking has revoked the mortgage loan originator license of Jusef Hodzic and ordered Roxana Aranibar to stop offering home loans and mortgage modifications through her business MRC, without a license.  A formal complaint has been filed against the real estate license of Patricia Par for knowingly working with these two individuals.

“IDFPR alleges that Hodzic and Aranibar worked together to provide mortgage services to homeowners who would not otherwise be able to qualify for loan modifications or refinancing due to their bad credit.  Instead, Aranibar, working with realtors, such as Par, offered these clients a scheme to get out from under their current debt and start over.  The orders also assert that Hodzic, working with Aranibar, did not verify borrowers’ ability to pay back their mortgage – a practice shown to have caused a large number of foreclosures in Illinois and across the country during the recent recession.

“With thousands of families still reeling from the 2008 recession, it is important for IDFPR to continue to prosecute cases of illegal and unlicensed activities that take advantage of struggling homeowners,” said Manuel Flores, Acting Secretary, IDFPR.

Hodzic provided loan originator services to clients of Aranibar, who actually found the proposed borrowers and originated the loans without having the necessary licenses to be involved in the mortgage business.  IDFPR asserts that Aranibar and Hodzic worked with Par to defraud struggling homeowners.   

In addition to the mortgage fraud scheme, Aranibar was also found to be involved in another scheme through MRC in which she sold loan modification services to distressed property owners.  Loan modification services can only be legally provided if the professional is an attorney or a licensed mortgage professional.  Aranibar not only had no license, she illegally charged upfront fees for services not yet performed and provided bad advice.  A client she advised to stop making mortgage payments later told IDFPR she lost her home to foreclosure for not keeping her payments current.

Hodzic and Aranibar have the right to appeal their orders through the Administrative Law process; Par has the right to a formal hearing on the Department’s allegations before disciplinary action can be taken.  Copies of the Orders and Complaint can be found below:

 

 
 
 
 
 

 

 

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