Illinois Mortgage Licensing | Illinois Office of Banks and Real Estate

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Mortgage Banker and/or Servicer | Residential Mortgage Banker License

• Physical In-State Office Required: No
  
• Qualifying Individual: No
  
• Minimum Net Worth: $150,000 Audited
  
• Surety Bond: $25,000 to $150,000 (Depending on Volume)
  
• Fidelity Bond: $100,000
  
• Loan Originator Licensing: Yes
  
• Branch Licensing: Yes (Branches located in the state of Illinois only)
  

License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$175 – Foreign Entity Fee
$125 – Registered Agent Fee
$250 – Surety Bond Fee
$2,143– Company License Fee
$500 or more – Fidelity Bond (unless you are applying for broker authority only and have a physical presence in Illinois.) 

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Mortgage Broker | Residential Mortgage Broker License

• Physical In-State Office Required: Yes (unless you meet the $150,000 net worth requirement)
  
• Qualifying Individual: No
  
• Minimum Net Worth: $50,000 to $150,000 Audited for first year
  
• Surety Bond: $25,000 to $150,000 (Depending on Volume)
  
• Fidelity Bond: $100,000 if no in-state office.
  
• Loan Originator Licensing: Yes
  
• Branch Licensing: Yes (Branches located in the state of Illinois only)
  
• Comments: Minimum $50,000.00 net worth for Licensees headquartered in Illinois who only conduct mortgage brokering activities. Minimum $150,000.00 net worth and $100,000 fidelity bond for Licensees headquartered outside Illinois who do not have a physical presence in Illinois, in the form of a full service office, approved to operate by the Illinois Department of Financial and Professional Regulation (IDFPR). Twenty Percent (20%) of the company’s assets must be maintained in a cash/cash equivalent for all licensees conducting mortgage brokerage activities only.
  

License Cost Breakdown - Estimated fees not including Regulatory Counsel Group Professional Service Fee:
$175 – Foreign Entity Fee
$125 – Registered Agent Fee
$250 – Surety Bond Fee
$2,143– Company License Fee
$500 or more – Fidelity Bond (unless you are applying for broker authority only and have a physical presence in Illinois.) 

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Regulated by:
Illinois Office of Banks and Real Estate
Department of Financial and Professional Regulation
100 West Randolph, 9th Floor
Chicago, Illinois 60601 
Jean Mukwaya (312) 793-1324 - [email protected] - New Company Applications 
Karen Harris (312) 793-1438 - [email protected] - Acting Manager
Arlene Armstrong - (312) 793-1477 - [email protected] - Branch Applications
Yolanda Banks - (312) 793-1436 - [email protected] - Company Renewals
Loan Originating - (312) 793-0527
Fax: (312) 793-7097
IL Banking Staff Roster
http://www.bre.state.il.us/resfin/mortbank.htm