Illinois Mortgage Broker Requirements
The Bureau of Residential Finance, Division of Banking is responsible for licensing and regulating mortgage brokers, mortgage bankers and loan originators in the state of Illinois.
Mortgage brokers attempting to obtain an Illinois mortgage license are required to pass an examination. All Loan Originators are required to pass the same exam as well and must be licensed. Applicants must register for the exam through http://www.goamp.com.
Out-of-state applicants must produce audited financials from a CPA showing a net worth of at least $100,000 with at least $20,000 in the form of cash. A compilation of financial statements may be issued by a CPA in lieu of the audited financials if the company is new.
A Mortgage broker licensee whose principal place of business is located within the state of Illinois shall maintain at least one full service office that is staffed. The office location must be in a commercial area, it can not be a home office. In-state applicants are only required to show a net worth in the amount of $50,000 with at least $10,000 in cash. The financials must be either audited (existing company) or a compilation (new company) that is produced by a CPA.
Illinois Mortgage Licensing Fees
All applicants must submit a $1500 non-refundable application fee. Upon approval, the company will be charged an additional $1000 licensing fee as part of the process to obtain an Illinois mortgage broker license. Any applicant that registers for the exam must pay a $74 examination fee, a $115 criminal background check fee, and a $125 Loan Originator application fee.
For complete assistance on your Illinois Mortgage License, call American Mortgage Licensing to start your project today, 469.688.8441.