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Residential Mortgage License Bond

Any entity applying for or holding a Residential Mortgage License in Illinois, including mortgage brokers and mortgage bankers. Required when: Application for a Residential Mortgage License or annual adjustment based on loan volume. Exemptions: Banks, savings banks, savings and loan associations, credit unions, and ce…

Bond amount"Based on the dollar amount of Illinois residential mortgage loans brokered, fu…
State or jurisdictionIllinois
ObligeeIllinois Department of Financial and Professional Regulation, Division of Banking

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.

Amounts can vary

Selected requirement: "Based on the dollar amount of Illinois residential mortgage loans brokered, fu…. Other available requirements: "Based on the dollar amount of Illinois residential mortgage loans brokered, funded, originated, serviced, or purchased during the preceding calendar year: $0 - $5,000,000: $25,000 bond; $5,000,001 - $20,000,000: $50,000 bond; $20,000,001 …. Exact options still depend on the obligee, state, and underwriting.

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2323 yearsHelping clients and agents
Overview

What it is.

Any entity applying for or holding a Residential Mortgage License in Illinois, including mortgage brokers and mortgage bankers. Required when: Application for a Residential Mortgage License or annual adjustment based on loan volume. Exemptions: Banks, savings banks, savings and loan associations, credit unions, and ce…

Who usually needs it

Any entity applying for or holding a Residential Mortgage License in Illinois, including mortgage brokers and mortgage bankers.

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.

Platinum Bonds

Experience behind every bond.

Helpful guidance, a real agency team, and a clear path from research to application.

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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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