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Illinois Mortgage Broker License

Illinois mortgage broker license is regulated by the Division of Banking of The Bureau of Residential Finance. In Illinois, it is essential to have IL mortgage broker license if someone want to start a selling or home loan processing business in the state. Division of Banking handles all the licensing process for mortgage brokers, bankers and home loan originators in the state. If you are thinking to run a loan selling or processing business then you will have to get the state license before initiating your business. In order to obtain the broker license, you will have to pass a number of eligibility conditions and pay certain fees and charges. It will be advisable for you to have a clear understanding of all the preconditions.

Illinois Mortgage Broker License: Requirements

Brokers seeking license should study Illinois mortgage broker license requirements to get fully prepared in advance. First of all, you will have to pass an exam to go on to the further proceedings. In case if you are an out-of-state applicant then you are required to show an audited financial statement from a CPA. This financial statement should show a minimum net worth of $100,000 together with a minimum amount of $20,000 in cash form. If you are a resident of the state then your net worth should be at least $50,000 with $10,000 in direct cash.

Mortgage Broker Licensing Fees

As a mortgage broker licensee with Illinois as your main business place, you will have to maintain a physical office consisting of staff members. Illinois mortgage broker licensing fees are slightly higher compare to the licensing fees of other states. As an applicant, you are required to submit $1500 as non-refundable application fee. After getting approval, you will again have to pay an additional licensing fee of $1000 as a part of the licensing process. Moreover, after registering for the exam, you are required to pay $75 as examination fee and $115 as criminal background check fee. It is also essential for the applicant to maintain a surety bond with an insurance underwriter ensuring that the licensing board may collect pending fees from the applicant. The amount to be maintained as surety bond is $20,000.

On the other hand, the applicants are required to submit the Certificate of Authority if they are not incorporated in Illinois. However, if they are incorporated in the state, then they can work it out with just a Certificate of Good Standing. It takes around 90 days to complete the mortgage broker licensing process in Illinois.

Homebuyers can also make mortgage broker license search for home loan brokers in order to check authenticity of the license. They can look up for the license validity by visiting the website of the mortgage broker association or some other official websites relating to the mortgage industry.
American Mortgage Licensing
American Mortgage Licensing is one of the leading mortgage licensing companies offering its services in Illinois. The company also offer comprehensive details on all the mortgage licensing requirements of the state.
Visit if you are thinking to become a licensed mortgage broker in the state of Illinois. They offer you information on the mortgage broker licensing process undertaken in the state.
Website: is one of most reliable places to get extensive details on the rules and regulations for mortgage broker licensing in Illinois. You could log on to the website to get more information on the broker license requirements of the state.

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