Illinois Residential Mortgage License Bond

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.