Illinois

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.

StateLicense NameState FeeBond Premium Est.
SoS FeeMLG ProcessingTotal
IllinoisResidential Mortgage License$2800.00$188.00$374.50Call for More Information$3362.50
IllinoisDebt Collection License$750.00$375.00$553.00Call 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.

For more information or to speak to a representative for your state call us today at 866-576-7726