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Illinois Residential Mortgage Bond
Bond Requirements and Online Application
The Illinois Residential Mortgage Bond is required by the Illinois Department of Financial and Professional Regulation, Division of Banking.
According to 38 Ill. Adm. Code 1050, any person who wishes to conduct business in the State of Illinois which is included under the Illinois Residential Mortgage License Act of 1987 must be licensed. In order to be licensed in the Residential Mortgage business in the State of Illinois, all applicants must file a surety bond with the Illinois Department of Financial and Professional Regulation, Division of Banking.
The required bond amount depends on the applicant’s loan volume of the previous year:
A loan volume less than $5,000,000 requires a $25,000 surety bond.
A loan volume between $5,000,001 and $20,000,000 requires a $50,000 surety bond.
A loan volume between $20,000,001 and $50,000,000 requires a $75,000 surety bond.
A loan volume between $50,000,001 and $100,000,000 requires a $100,000 surety bond.
A loan volume over $100,000,000 requires a $150,000 surety bond.
The Illinois Residential Mortgage Bond ensures that the licensee will strictly comply with the Residential Mortgage License Act of 1987 and all other applicable laws. The bond provides compensation for any person injured by wrongdoing of the licensee. The bond remains in full force and effect for the entre license period and any renewals thereof. The Surety may cancel the bond at any time with 30 days written notice to the Illinois Department of Financial and Professional Regulation prior to the effective cancellation date.
How to Get Your Illinois Residential Mortgage Bond
1. Complete an online application. It's free and no-obligation.2. One of our surety experts will contact you with a firm quote and an agreement to sign.3. Provide payment and your signed agreement, and then you will receive your Illinois Residential Mortgage Bond!If you have any questions, please call us at 877-654-2327.
HOW TO GET BONDED
1. Apply OnlineUsing our Free & Secure Application2. Get Your Free QuoteApplications are No-Obligation3. Get Your BondMost Bonds are Approved in 1-2 Business Days