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…
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 de…
Typical timeframe
Issuance timeframe varies by bond type and underwriting
Application
What to do next.
Tell us the bond name, state, and amount on your form.
Share business and applicant info so the team can quote it.
Sign and pay; we issue the bond and send you the documents.
Keep your effective date and renewal date on file with us.
Start the application.
You are on the exact bond page. The next step is to start the quick application.
StateILBond amountBased on the dollar amount of Illinois residential mortgage loans brokered, fun…Term lengthContinuousObligeeIllinois Department of Financial and Professional Regulation, Division of BankingRenewalThe bond amount must be adjusted annually based on the licensee's reported loan volume from the preceding calendar year. The bond remains in effect for the entire license period and any renewals thereof unless cancelled…Bond classLicense BondCategoryFinancial ServicesBondResidential Mortgage License BondStatutory reference205 ILCS 635/3-1; 38 Ill. Adm. Code 1050.490JurisdictionState
