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Contact Us
For assistance with mortgage licensing contact us at:Direct Phone: (714) 656-3960
Fax: (714) 829-1444
ssheasby@integritymortgagelicensing.com
Information herein is for educational purpose only and is not meant to be a complete statement of all state mortgage licensing requirements. Additional State and FHA mortgage licensing requirements may be required. If you need further information, we would encourage you to contact us directly.
Illinois Mortgage Licensing
Mortgage Banker
Residential Mortgage Banker License
Physical Office Required: No
In-State Officer/ Key Person: No
Minimum Net Worth: $150,000 Audited
Surety Bond: $20,000
Fidelity Bond: $100,000
State Initial Fee: $2,700
State Renewal Fee: $2,700
Loan Officer Licensing: Yes
Branch Licensing: Yes (Branches located in the state of Illinois only)
Mortgage Broker
Residential Mortgage Broker License
Physical Office Required: Yes (unless you meet the $100,000 net worth requirement)
In-State Officer/ Key Person: No
Minimum Net Worth: $50,000 to $100,000 Audited for first year
Surety Bond: $20,000
Fidelity Bond: $100,000 if no in-state office.
State Initial Fee: $2,700
State Renewal Fee: $2,700
Loan Officer Licensing: Yes
Branch Licensing: Yes (Branches located in the state of Illinois only)
Comments: Minimum $50,000.00 net worth for Licensees headquartered in Illinois who only conduct mortgage brokering activities. Minimum $100,000.00 net worth and $100,000 fidelity bond for Licensees headquartered outside Illinois who do not have a physical presence in Illinois, in the form of a full service office, approved to operate by the Illinois Department of Financial and Professional Regulation (IDFPR). Twenty Percent (20%) of the company’s assets must be maintained in a cash/cash equivalent for all licensees conducting mortgage brokerage activities only.
Regulated by:
Office of Banks and Real Estate
Illinois Department of Financial and Professional Regulation
122 South Michigan Avenue, Suite 1900
Chicago, Illinois 60603
Telephone: (312) 793-3000
Fax: (312) 793-7097
http://www.bre.state.il.us/resfin/mortbank.htm