Illinois State Licenses and Regulator Costs

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Residential Mortgage Lender License (Company)

NMLS Cost: $2,800
Additional Costs: $15 per credit report, $36.25 per criminal background check
Brick and Mortar Requirement: companies that do not qualify as a mortgage banker (contact us for details) must maintain an office in Illinois
Minimum net worth: $50,000 (with in-state offices), $150,000 (without in-state offices)
Fidelity Bond: $100,000 per license
Surety Bond Requirement: range from $25,000 to $150,000 depending on volume (contact us for details) (electronic bonds)

Additional Full Service Office License (Branch)

Required for branches located in Illinois
NMLS Cost: $270
Additional Costs: $15.00 per credit report
Branch Manager: required
Additional requirements: a valid lease agreement must be uploaded in NMLS; month-to-month leases are not acceptable - there is a twelve (12) month minimum

Mortgage Loan Originator (individual)

NMLS Cost: $230
Additional Costs: $15.00 per credit report, $36.25 per criminal background check
Additional financial responsibility requirements: Illinois requires you to disclose child support delinquencies, student loan or scholarship defaults, and tax avoidance or failure to file tax returns. Any issues in these areas may prevent licensure (contact us for assistance)