Illinois Mortgage Broker Bonds

License Overview

Mortgage Brokers in the state of Illinois are regulated by the Illinois Bureau of Residential Finance, Division of Banking. Anyone wishing to act as a Mortgage Broker, Mortgage Banker, or Loan Originator is required to be licensed. They are supervised under the Residential Mortgage Broker Act.

All Mortgage Bankers and Brokers are required to pass an exam in order to be licensed. Loan Originators are also required to pass the exam. Mortgage Brokers do not have any educational requirements at this time but Loan Originators are required to have 6 credit hours of continuing education prior to completing the exam.

Illinois is a tougher state to get licensed in mainly due to the high price of being licensed which is more than double of most states. The Illinois Surety Bond Requirement is quite low at $20,000. However, they do have a minimum net worth requirement for Mortgage Brokers of $35,000.

Bad Credit Illinois Mortgage Broker Bonds

Any applicant with less than perfect credit is encouraged to apply with JW Bond Consultants, Inc. We have a special program that is tailored to meet the needs of applicants that are considered higher risk.

Illinois License Requirements

Age: 18

State Residency: Out of state applicants must show Net Worth of $100,000 and least $20,000 must be in cash.

Experience: None required

Education: None required for Broker, 6 hours for Loan Originators

Continuing Education: None required

Net Worth: $35,000

Surety Bond: $20,000

Free Surety Bond Quote

Background Check: Criminal and credit.

Managing Principle: In state brokers must have office in state, in a commercial area, that is staffed and may not be in a home.

Illinois State Licensing Fees

Initial Application: $1,200 + $1,500 Investigation Fee +$74 exam fee

Branch Location: Nothing required

Loan Originator: $125 + $74 exam fee + $115 criminal background check

Exemptions:

Entities: None

Safe Harbor: None

*This Information for licensing is provided only as a quick reference, make sure you contact the state to verify all information prior to making your application.

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