How much does an Illinois residential mortgage license bond cost?
Illinois residential mortgage license bond costs start at $187.50 annually. Your personal mortgage bond premium will be provided after a quick application review based on the bond amount required for your annual loan volume.
How do I get a residential mortgage license bond in Illinois?
You can apply for your Illinois residential mortgage license bond online 24/7. You must provide the following information for Department of Financial and Professional Regulation and NMLS filing approval.
- name
- address
- license type
- annual loan volume
- Nationwide Multistate Licensing System license number (NMLS ID)
Once your order has been processed, SuretyBonds.com will file your Illinois surety bond directly with the NMLS.
How fast can I get a mortgage license surety bond?
Our industry-leading technology and responsive customer service team allow us to file your official Illinois mortgage licensee bond directly with the NMLS faster than any other surety bond company. Orders placed by 4 PM CST Monday-Friday are typically processed and filed same-day.
If you have questions about the Illinois mortgage license bond or your application, call 1 (800)308-4358 to speak with a friendly surety expert. We're here to guide you through the mortgage bond process so you can get back to running your business.
What is an Illinois residential mortgage license bond?
Illinois Administrative Code Section 1050.490 requires mortgage professional licensees file and maintain a minimum $25,000 electronic surety bond with the NMLS. The state's official form is titled the “Residential Mortgage License Bond” but is more commonly known as the “mortgage loan originator bond," “mortgage broker bond,” or “mortgage banker bond.” This bond requires the mortgage licensee and any employee or agent representing them to abide with the Illinois Residential Mortgage License Act and all other applicable state regulations while providing financial services.
Why is the Illinois mortgage loan bond required?
You must purchase and file this bond to work as a licensed residential mortgage broker, mortgage banker, or mortgage loan originator. If you fail to comply with the Illinois Residential Mortgage License Act or other state regulations, your bond provides financial protection to the state and harmed individuals. Your surety company will pay valid claims up to your full bond amount, which you must reimburse.
What is the residential mortgage license bond amount?
Your required bond amount is determined based on the residential mortgage loan volume you brokered, funded, originated, serviced, or purchased in Illinois during the previous calendar year.
- $0-$5,000,000 loan volume: $25,000 bond amount
- $5,000,001-$20,000,000 loan volume: $50,000 bond amount
- $20,000,001-$50,000,000 loan volume: $75,000 bond amount
- $50,000,001-$100,000,000 loan volume: $100,000 bond amount
- $100,000,000+ loan volume: $150,000 bond amount
How do Illinois mortgage professionals file your bond?
SuretyBonds.com will electronically file your bond with the Nationwide Multistate Licensing System (NMLS). As the surety experts, we'll work with you and the NMLS to be sure your bond is filed quickly and accurately to meet all Illinois state licensing requirements. Your emailed surety bond copy is for reference only and won't need to be filed with the NMLS.
Who regulates Illinois residential mortgage loan licensing?
The Illinois Department of Financial and Professional Regulation enforces license requirements for residential mortgage loan professionals. You can contact the Department of Financial and Professional Regulation by calling 1(888)473-4858. The Nationwide Multistate Licensing System (NMLS) manages electronic application licensing on behalf of the state.
How do I update or change my mortgage professional bond?
If the Illinois Department of Financial and Professional Regulation requires your NMLS bond filing to be updated for any reason, contact your surety company. If you purchased your bond from SuretyBonds.com, email [email protected] to explain the needed change. The most common changes requested for these bonds are updating your name or address to match your new or existing NMLS filing.
How do I renew my residential mortgage surety bond?
You must renew your Illinois mortgage license bond before its current term expires. Once you pay your SuretyBonds.com renewal invoice, instructions will be provided to keep your bond active for your next Illinois NMLS license term.
How do residential mortgage professionals apply for a license in Illinois?
You must meet the following requirements before applying for an Illinois residential mortgage license.
- have a minimum net worth of $50,000 for an in-state office or $150,000 with an out-of-state office
- undergo a criminal background check
- provide information for a credit check
- provide proof of 3 years of education experience
Once you meet all requirements, complete the following steps to apply for your Illinois residential mortgage license.
- Fill out your Illinois mortgage license application through the Nationwide Multistate Licensing System.
- Purchase and file your Illinois surety bond for the correct required bond amount.
- Pay the $2,800 license fee.
- Upload all required documents into NMLS.
