Illinois Mortgage Licensing
In Illinois, your main office does not need to be located in the state. However, if you have any branches in the state, then you will need a branch license for that location. This state does not require a license for servicing, but they do require a license for a broker and/or lender. Audited Financial statement is needed to apply. After approval Illinois will accept Unaudited Financial statements for renewal each year. Your surety bond may need to be increased as necessary annually based upon the amount of Illinois residential mortgage loans brokered, funded, originated, serviced or purchased, as the case may be, during the preceding calendar year. Illinois also requires a full Fidelity policy in the amount of $100K.
| State | License Name | State Fee | Bond Premium Est. | SOS Fee | MLG Processing Fee | Total |
| Illinois | Residential Mortgage License | $2,800 | $188 | $175 | Call for More Information | $3,163 |
License: Residential Mortgage License
- Operating Status: Broker/Lender
- Bond Amount: $25,000
- Net Worth: $150,000
- Brick & Mortar: No
- Financial Type: Audited
Residential Mortgage License
State application fee is one of the most expensive at almost $3,000. Audited Financial statement reflecting a net worth requirement of $50,000 for mortgage brokers headquartered in Illinois and $150,000 for mortgage bankers and mortgage brokers headquartered outside of the state is needed to apply. After approval Illinois will accept Unaudited Financial statements for renewal each year. Your surety bond may need to be increased as necessary annually based upon the amount of Illinois residential mortgage loans brokered, funded, originated, serviced or purchased, as the case may be, during the preceding calendar year. Illinois also requires a full Fidelity Policy in the amount of $100K.
For more information or to speak to a representative for your state
call us today at 866-576-7726
**Fees & terms are subject to change without notice.**