Following information explains the requirements for obtaining a mortgage broker license in Illinois:

• Any person holding 10% or more interest in the company is required to have three (3) years experience as a loan officer.
• There is no test required to become a licensed mortgage broker in Illinois.
• The Illinois General Assembly abolished the deminimus loan level in the state of Illinois two years ago, hence mortgage brokers must have a license to do even one loan.
• The license fee includes the non-refundable investigation fee as well as the actual license fee which is payable upon notification from the Department that the license is approved.
• The net worth requirement is $50,000 for all mortgage broker licenses.
• A surety bond is a contract with an insurance underwriter, which ensures that the Office of Banks and Real Estate can collect unpaid fees from the licensee. The amount of surety bond that is to be maintained is $20,000.
• A fidelity bond is a contract with an insurance underwriter that covers dishonesty, errors and omissions of the employees of a licensee that funds, purchases and/or services loans. The amount of fidelity bond is $100,000.
• All persons owning more than 10% of the company must sign the State Police form and the Access to Credit.
• If the licensee is not incorporated in Illinois, then a Certificate of Authority must be submitted. And a Certificate of Good Standing must be submitted if the licensee is incorporated in Illinois.
• There is a two-year license issued upon renewal. The interim year is the year that falls between the renewal date and expiration date.
• All mortgage broker applicants are required to file a compilation or un-audited balance sheet

The process for issuing a new license takes approximately 90 days from the receipt of a complete application.

Applications and other pertinent forms can be obtained at Mortgage Brokers and Bankers - Forms.

For more information, visit State of Illinois Department of Financial and Professional Regulation.