Article Summary: This article will help anyone looking for information pertaining to a mortgage license in the state of Illinois or anyone looking to become a mortgage broker in Illinois.
In Illinois, the
Bureau of Residential Finance, under the Division of Banks and Real Estate, handles all aspects of licensing and supervising under the Residential Mortgage License Act.
Applicants who desire to
become a Mortgage Broker in Illinois pay a non-refundable Investigation Fee of $1,500 plus a non-refundable License Fee of $1,200. In addition, applicants provide a Surety Bond in the amount of at least $20,000. In Illinois Mortgage Brokers are exempt from filing an annual renewal report.
The required financial statements provided with the application must reflect a net worth of $35,000 in order to become a Mortgage Broker.
Loan Originators listed on a Mortgage Brokers application pay an application fee of $125, and Loan Originators must first complete a minimum of 6 hours of continuing education in residential mortgage finance.
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 $100,000, submits certified, audited financial statements, and provides a Surety Bond the physical presence requirement can be waived.
The Illinois Association of Mortgage Brokers (IAMB),
www.iamb.org, is an affiliate of the National Mortgage Brokers Association (NAMB), www.namb.org. 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.
We also offer information and resources for Illinois Commercial Mortgage