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Illinois Mortgage License

Illinois mortgage license is regulated by the Bureau of Residential Finance, Division of Banking. Whether it is a home loan broker, loan originator, mortgage banker or a home loan officer, the state law require them to have license in order to conduct their lending and selling business. Illinois Division of Banking is responsible for all the licensing process of the home loan brokers, bankers and loan originators. According to the licensing authority, brokers seeking for residential mortgage broker license are required to fulfill certain preconditions in order to get their license. Similarly, home loan bankers and loan originators are also required to go through several eligibility conditions before obtaining their state license.

Illinois Mortgage Broker License: Requirements

In case of IL mortgage broker license, applicants are required to have a physical office inside the state if they are unable to meet a net worth of $100,000. They should maintain a minimum net worth of $50,000 which is audited for the first year. Illinois mortgage licensing board also requires them to have a surety bond of $20,000. A fidelity bond of $100,000 is to be maintained by the applicants if they have no in-state office. Moreover, the applicants are required to pay $2,700 as state initial fee and another $2,700 for state renewal fee. There are also separate licensing requirements for branch office and loan officers. They are also required to pass an exam. Illinois residential mortgage license also include the licensing of home loan bankers in the state.

IL Mortgage Banker License

As per the requirements set by the licensing authority, applicants seeking mortgage bankers license are not required to have any physical office in the state. However, the applicants should have a minimum net worth of $150,000. It is also essential for the mortgage bankers to maintain a surety bond of $20,000. The applicants should also have an amount of $100,000 as fidelity bond. In addition, bankers are required to pay an amount of $2,700 for state initial fee and $2,700 as state renewal fee. Like mortgage brokers, there is licensing requirements for branch office as well as loan officer.

Loan Originator License Illinois

On the other hand, loan originators are required to complete six hours of continuing education and pay an application fee of $125 to appear the state licensing exam. Mortgage license in Illinois is also offered by a number of nationwide as well as state licensing companies who are affiliated with the Division of Banking, Illinois. There are also some online service providers who offer the application form and all the information of the residential mortgage licensing requirements.
American Mortgage Licensing
American Mortgage Licensing is one of the leading mortgage licensing companies offering its services to several states of the US. The company also provide exclusive details on mortgage broker license requirements in Illinois.
Integrity Mortgage Licensing
Integrity Mortgage Licensing can surely help you if you are thinking to become a licensed mortgage broker or banker in the state of Illinois. Visit the website of the company to get vital details on the licensing requirements of the state.
Mortgage News Daily
At Mortgage News Daily, you will be able to get all the latest information on the residential mortgage licensing process undertaken in Illinois. Log on to the website of the company to get further information.

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