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How much does a residential mortgage bond cost in Illinois?
Illinois residential mortgage license surety bond amounts must be at least $25,000 for all licenses and at least $100,000 for applicants without an Illinois office. The amount of the bond is dependent on the volume of Illinois loan applications taken in the previous calendar year, and the cost is determined by an underwriter. For highly qualified applicants, the cost of residential mortgage bonds is typically 1% to 3% of the required bond amount.
Why do I need this bond?
The state of Illinois mandates that any company or entity involved in the business of residential mortgage brokering, funding, originating, servicing, or purchasing should post a surety bond as part of the licensing process. This bond has been put into place for the protection of consumers against any financial damages that may occur during the mortgage process due to a violation of the law.
What’s the fine print?
These bonds expire annually on December 31, so your bond premium could be prorated depending on when you buy it. Our team of surety experts works hard to get you bonded according to your specific needs.
If the surety wishes to cancel the bond before the expiration date, notice must be given to the state at least 30 days prior to the termination date.
How to become a residential mortgage licensee in Illinois
All license applicants must have the following:
- a net worth of at least $50,000 for mortgage brokers with Illinois offices
- a net worth of at least $150,000 for mortgage brokers without an office in the state
- a surety bond in the correct amount
- a criminal background check and credit check
- three years' experience or equivalent coursework
Mortgage Industry Surety Bonds Available Nationwide
Many states have their own surety bond requirements for mortgage professionals. This means mortgage professionals who work in several states often have multiple surety bonds. Use the map below to learn more about mortgage bonds in other states.