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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
To obtain an Illinois Residential Mortgage License, you must meet the following requirements:
- Be at least 21 years old.
- Have a high school diploma or equivalent.
- Complete a pre-licensing education course approved by the Illinois Department of Financial & Professional Regulation (IDFPR).
- Pass the National Mortgage Licensing System (NMLS) Safe Mortgage Licensing Act (SMLA) exam.
- Have a clean criminal background check.
- Be of good moral character.
Once you have met all of the requirements, you can submit an application to the IDFPR. The application fee is $500.
If you are approved for a license, you will need to purchase a Residential Mortgage License Bond.
You must also maintain a minimum net worth of $50,000 for mortgage brokers with Illinois offices and $150,000 for mortgage bankers and mortgage brokers without Illinois offices.
Once you have obtained a license, you will be required to renew it every two years. The renewal fee is $250.
Here are some additional tips for getting a Residential Mortgage License in Illinois:
- Start by reviewing the IDFPR’s website for all of the requirements and application materials.
- Find a reputable pre-licensing education course provider.
- Schedule your NMLS SMLA exam early.
- Get a copy of your criminal background check and review it carefully.
- Be prepared to provide proof of good moral character.
- Find a surety company to issue your Residential Mortgage License Bond.
- Maintain your minimum net worth requirements.
Once you have obtained your Residential Mortgage License in Illinois, you will be authorized to originate residential mortgage loans in the state.
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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.