A regulator in Illinois has suspended the MLO license of industry veteran Michael Strauss and the license for his mortgage company, Smart Rate Mortgage, essentially blocking the company from operating in the state, according to the Nationwide Multistate Licensing System (NMLS). 

The Division of Banking at the Department of Financial and Professional Regulation in Illinois issued the orders on February 1. The decisions are valid until Strauss and Smart Rate respond to requests for information.

HousingWire reported in January that industry veteran Strauss, who abruptly shut down non-qualified mortgage lender Sprout Mortgage back in July, was ready to details ⇒

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