Things to know: IL branch license is only needed for IL branches and is not the main office. Application requirements differ depending if applicant has a IL location or not.
|State||License Name||State Fee||Bond Premium Est.||SoS Fee||MLG Processing||Total|
|Illinois||Residential Mortgage License||$2800.00||$188.00||$374.50||Call for More Information||$3362.50|
|Illinois||Debt Collection License||$750.00||$375.00||$553.00||Call for More Information||$1678.00|
License: Residential Mortgage License
- Operating Status: Broker/Lender
- Bond Amount: $25,000
- Net Worth: $50,000
- Brick & Mortar: No
- Audited Financials: Yes
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Residential Mortgage License
State application fee is one of the most expensive at almost $3,000. Net worth requirement differs for IL location vs out of state applicants. Requires audited financials to show net worth requirement of $50,000 minimum for mortgage brokers with Illinois offices, $150,000 minimum for mortgage brokers without Illinois offices. $100,000 minimum fidelity bond required without Illinois offices. The surety bond amount will be set based upon Illinois residential mortgage loans brokered, funded, originated, serviced or purchased, as the case may be, during the preceding calendar year.