COVID-19 Update: We are reducing costs for qualified applicants, and offering same day bonding.
Please apply online, or call our team for assistance. Learn more
Contact Our Experts

Illinois Mortgage Broker License Guide

In the state of Illinois, any entity engaged in the mortgage brokering business for residential properties must obtain a license. The licenses are regulated by the Illinois Department of Financial & Professional Regulation (IDFPR).

The mortgage license application process for companies and individuals is handled by the Nationwide Mortgage Licensing System (NMLS). The system helps mortgage brokers and lenders apply, update, or renew a license.

Types of Mortgage Licenses in Illinois

There are three main types of licenses in Illinois: Company, Branch, and Individual. The most common is the Residential Mortgage license, which is required of companies and entities whose area of business includes brokering and/or originating residential mortgage loans.

In this guide, we’ll only cover information regarding the Residential Mortgage license. You can review the full list of licenses on the NMLS website.

Most Common Company License

  • Residential Mortgage License - permits licensees to originate, fund, broker, service, and purchase residential mortgage loans on residential properties within the state of Illinois.

Illinois State Requirements

All license applications must be submitted online through NMLS. Note that you are required to submit all state-specific documents (the Exemption Agreement and Averments of Licensee) directly to IDFPR at [email protected].

For additional help regarding the requirements please contact IDFPR at (888) 473-4858 or [email protected].

For questions regarding NMLS, you may contact NMLS call center at (855) 665-7123.

Education and Exams

Passing an exam is obligatory for some, but not all IL license types. To obtain a Residential Mortgage License, you don’t need to complete a pre-licensing course or pass a test.

IL Mortgage Broker Bonds

Bonds for Company Licenses

  • Residential Mortgage License - All license applicants are required to furnish a surety bond. The amount of the bond depends on the dollar amount of residential mortgage loans brokered, originated, or serviced by the licensee during the previous calendar year.
    • $25,000 surety bond for 0 - $5,000,000 mortgage loans.
    • $50,000 surety bond for $5,000,001 - $20,000,000 mortgage loans.
    • $75,000 surety bond for $20,000,001 - $50,000,000 mortgage loans.
    • $100,000 surety bond for $50,000,001 - $100,000,000 mortgage loans.
    • $150,000 surety bond for loans exceeding $100,000,000.

Get a FREE Mortgage Broker Bond Quote Today

Get free pricing from the top bond companies in the U.S.

Get Your Free Quote No obligation | 100% Secure

Licensing Fees

Fees for Company Licenses

  • Residential Mortgage License

    All fees are collected via NMLS and are non-refundable.

    • $2,800 total license costs
    • $36.25 background check fee
    • $15 credit report fee

Get Your Free Licensing Tips

Get free licensing tips sent straight to your inbox.

  • Learn how to get licensed in a few easy steps
  • Understand the licensing requirements for your state
  • Learn how to stay compliant
  • Get a free license bond quote in minutes
Get Your Free Licensing Tips
We'll never share your information with third parties.

Get Your Surety Bonds from the Best Bonding Companies
We work with the top A-rated, T-listed surety bond companies in the nation

Jennifer Henson
Our company has been with JW Surety for several years now so when we needed to obtain a bond for a new company, we immediately went to them for help. Our rep, Melissa, was extremely helpful and prompt which made the process extremely easy for me.
David Tillotson
Trying to get a local Surety Bond was like driving a car on three tires. I searched Surety Bonds and found JW Surety Bonds. I got online and filled out the information and with in 30 minutes received a response from Melissa. She was informative, friendly and helpful. One more super satisfied customer.

The Nation’s #1 Volume Surety Bond Service
Our company writes $4,000,000,000+ in bonds each year!
  • #1 Bond Writer
    We are the nation's largest volume bond producer.
  • Easy Process
    Fastest online surety bond application process; we approve bonds instantly.
  • Lowest Rates
    Our high volume allows us to negotiate lower rates on your behalf.
  • Claim Specialists
    Your JW surety bond agent will be your claims advocate when you need them most.

Don't wait days to get bonded. Get your surety bond instantly!

Get Your Free Bond Quote
About JW Surety Bonds
We are a family owned and operated agency established in 2003. We started with just two people, and grew to become the largest volume bond producer in the nation with 50+ employees. Since day one, our team focus has been on providing real-time online quotes, an easy process, and the best in claims defense. Learn more about our company.