Illinois Residential Mortgage License Bond
IL Residential Mortgage license holders must post a surety bond between $25k-$150k based on residential loan volume in the previous year, according to the following table:
| Aggregate Loan Amount | Bond Amount Required | Annual Premium |
| $0 - $5,000,000 | $25,000 | $150 |
| $5,000,001 - $20,000,000 | $50,000 | $300 |
| $20,000,001 - $50,000,000 | $75,000 | $450 |
| $50,000,001 - $100,000,000 | $100,000 | $600 |
| Over $100,000,000 | $150,000 | $900 |
Overview
To obtain an Illinois residential mortgage license, applicants must fulfill several requirements. This includes obtaining a surety bond, the amount of which is determined by the Illinois Department of Financial and Professional Regulation (IDFPR) based on the loan volume of the licensee.
The bond serves as a form of financial security to protect consumers from potential damages caused by the licensee's actions. No credit check or financials needed up to $1M in aggregate bonds. Your bond premium (your cost) is $6 per $1,000 of the bond amount.
The Simple Bonding Process
View your price or request a free quote
Discover unbeatable value with coverage options tailored to your needs.
Sign your contract and pay the premium
Seal the deal and ensure protection and peace of mind for your business.
Receive your surety or fidelity bond
Expect a speedy turnaround. Our typical turnaround time is 24 hours or less.
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