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Illinois Mortgage Broker / Mortgage Banker Bond

This bond protects Illinois consumers and the state from financial harm caused by mortgage brokers and bankers who violate state regulations or engage in fraudulent practices. The bond amount is tiered based on the licensee's prior-year loan volume, ranging from $25,000 to $150,000, and is filed through the NMLS syste…

Bond amount$25,000
State or jurisdictionIllinois
ObligeeIllinois Department of Financial and Professional Regulation (IDFPR), Division of Banking, Residential Finance

Essential point: Pin down whether this is your bond, then start the application. Ava can confirm the right state and license type if you are not sure.

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2323 yearsHelping clients and agents
Overview

What it is.

This bond protects Illinois consumers and the state from financial harm caused by mortgage brokers and bankers who violate state regulations or engage in fraudulent practices. The bond amount is tiered based on the licensee's prior-year loan volume, ranging from $25,000 to $150,000, and is filed through the NMLS syste…

Who usually needs it

Licensed mortgage brokers, mortgage bankers, and registered exempt entities operating in Illinois who broker, fund, originate, service, or purchase residential mortgage loans. The bond must cover each sponsored Mortgage Loan Originator working under the licensee.

Pricing & timing

What to expect.

Generic pricing

License bonds are required by state and local governments to ensure compliance with industry regulations. Typical Pricing:. • Small bonds (under $25,000): Typically $100–$250 per year (flat fee). • Larger license bonds: Commonly around 1–5% of the bond amount annually. • Credit impact: Good credit: starting around 1–2% · Average credit: typically 2–4% · Credit challenges: often 4–5% or higher. Same-day approval is typical for many common license bonds. Some license bonds may price higher depending on the specific bond type, state program, or underwriting requirements.

Your quote determines the actual premium.

Typical timeframe

Issuance timeframe varies by bond type and underwriting

Timing can change when underwriting needs more information.
Application details

How it works.

  1. Start the application

    Confirm the bond and provide applicant and business details.

  2. Review the quote

    See the terms and premium before deciding to continue.

  3. Pay and sign

    Complete the required payment and signatures.

  4. Receive the bond

    Get the issued bond and filing or delivery instructions.

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Frequently asked

Common questions.

How is the Illinois mortgage broker/banker bond amount determined?

The bond amount is tiered based on your company's Illinois residential mortgage loan volume from the preceding calendar year. The tiers are: $25,000 for $0-$5M in loans, $50,000 for $5M-$20M, $75,000 for $20M-$50M, $100,000 for $50M-$100M, and $150,000 for over $100M. IDFPR reviews and adjusts your bond amount annually based on your reported loan volume through NMLS.

What violations can trigger a claim against my Illinois mortgage broker bond?

Claims can be filed by IDFPR for violations including fraud, material omissions, failure to comply with Illinois Residential Mortgage License Act regulations, misleading consumers, and other illegal conduct in the mortgage lending process. Harmed consumers or borrowers submit complaints to IDFPR, which investigates and may file a bond claim on their behalf. You are responsible for reimbursing the surety company for any paid claims, plus interest and fees.

Does the Illinois mortgage broker bond cover my sponsored loan originators?

Yes, your surety bond must provide coverage for each Mortgage Loan Originator (MLO) sponsored under your mortgage broker or mortgage banker license. This is a specific requirement under 38 Ill. Adm. Code 1050.490, ensuring that all originators working under your license are covered by the bond's protection.

Next step

Ready to move forward?

Start the secure application with this bond already selected, or ask Ava a question before you begin.

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