Illinois Residential Mortgage License Bond - Exempt Entity
IL Residential Mortgage license exempt entity 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 submitting a surety bond, the amount of which is determined by the Illinois Department of Financial and Professional Regulation (IDFPR) based on the licensee's loan volume. The bond serves as a form of financial security to protect consumers from potential damages caused by the licensee's non-compliance or unethical practices.
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.