In Illinois, the Division of Banks
and Real Estate under the Division of Financial and
Professional Regulation, handles all aspects of licensing and supervising under the
Residential Mortgage License Act.
All Illinois mortgage licenses are handled through the National Mortgage Licensing System.
Prelicensing requirements include approved courses that are 20 or more hours and contain 3
hours of Federal Law, 3 hours of Ethics, 2 hours of Non-traditional Mortgage Lending plus
12 or more hours of electives. This may be in addition to Illinois-required content. Continuing Education
Requirements include at least eight hours of NMLS approved instruction.
The licensing fee for NMLS for Loan
Originators is $194, and the fee for Residential
Mortgage License Broker is $2,143. Click on the links in the preceding sentence
for more details about each license. A surety bond in the amount of $20,000 must be
The required financial statements provided with the application must reflect a net worth
of $50,000 in order to become a Mortgage Broker.
Out-of-state Mortgage Brokers still need to acquire an Illinois license and maintain a
physical presence in Illinois. However, if the licensee maintains a consistent net
worth of at least $150,000, submits certified, audited financial statements, and provides
a Surety Bond the physical presence requirement can be waived.
The Illinois Association of Mortgage Brokers
(IAMB) , is
an affiliate of the National Association of Mortgage Brokers
(NAMB). The IAMB aims at promoting the highest degree of professionalism for those in a
Mortgage Broker career and is a true asset and resource for those wanting to acquire a
Mortgage Broker License in Illinois.
Illinois Mortgage Forms
Illinois Reciprocity States
(as of 2/23/2010)
Illinois Approved Mortgage Schools Prelicensing and Postlicensing
Abacus Mortgage Training
|Last Update: 2/22/2010
This list may not include all approved schools. Please visit the IDFPR website for the latest list of approved schools.