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The Illinois Residential Mortgage License Bond is a type of Surety Bond and is just one of the requirements to obtain a Residential Mortgage License in the state. A license is required of entity “any company or entity that performs residential mortgage activities for properties located outside the State of Illinois or performs activities for no compensation or gain of any kind” According to 38 Ill. Adm. Code 1050, While the surety bond is a requirement of the Illinois Department of Financial and Professional Regulation, Division of Banking, the application and administration of the license is done via the Nationwide Mortgage Licensing System (NMLS) and the surety bond is filed electronically with the NMLS.
The required surety bond amount depends on the applicant’s loan volume of the previous year:
| Previous Year Loan Volume | Surety Bond Amount |
| $0 – $5,000,000 | $25,000 |
| $5,000,001 – $20,000,000 | $50,000 |
| $20,000,001 – $50,000,000 | $75,000 |
| $50,000,001 – $100,000,000 | $100,000 |
| Over $100,000,000 | $150,000 |
The cost of an Illinois Residential Mortgage License Bond will be a small percentage of the surety bond amount. The surety bond ensures that the licensee will strictly comply with the Residential Mortgage License Act of 1987 and all other applicable laws and provides compensation for any person injured by the licensee. The bond does not protect the licensee, if a claim is made on the bond, the it is the licensee’s duty to hold the surety company harmless. The surety bond is just on license requirement. A complete requirement check list can be found here.
How to obtain a Illinois Residential Mortgage License Bond
At Surety1.com, we make it easy to obtain this surety bond. Our simple 3 step process is: 
- Complete the easy to navigate and secure online application. 1
- Review the free, no obligation quote from one of Surety1’s professional surety bond agents, usually within one business day.
- Sign some paperwork and pay the bond premium
Once these steps have been completed, the Illinois Residential Mortgage License Bond will be filed electronically by surety1.com directly with the NMLS.
1 – The name of the applicant on the surety bond application must match exactly the full legal business name of applicant for the license.
Surety1.com is a service of AssuredPartners one of the largest and fastest growing insurance agencies in the nation. Representing over a dozen surety bond companies, Surety1.com is the premier online provider of surety bonds nationwide since 2003.
Click to Visit our State-by-State Guide to Mortgage industry Surety Bonds
How to Get Your Illinois Residential Mortgage License Bond
- Complete an online application. It’s free and no-obligation.
- One of our surety experts will contact you with a firm quote and an agreement to sign.
- Provide payment and your signed agreement, and then you will receive your Surety Bond!
If you have any questions, please call us at 877-654-2327.
Surety1 was founded in 2003 and helps thousands of clients find the best prices on their surety bonds. We take pride in our work so that we can give you great service. Learn more about Surety1.