Broker Requirements:

1) $1,500 non-refundable Investigation fee

(2) $1,200 non-refundable License fee

(3) $20,000 Surety Bond

(4) Required net worth of $35,000 on financial statements in application

(5) Each Loan Originator listed on Mortgage Broker application ust pay $125 AND must complete 6 hours continuting education in residential mortgage finance

(6) Must maintain a physical "presence" in the state; however, if licensee has net worth of $100,000 minimum, submits CPA audited financials & provides Surety Bond, physical presence can be wiaved.

NOTE: There are NO annual renewal reports for Illinois Mortgage Brokers.

Loan Officer Requirements:

Contact Information:

Illinois Bureau of Residential Finance, Division of Banks & Real Estate

Website: http://www.obre.state.il.us/RESFIN/mortbank.htm

Map of Illinois Bureau of Residential Finance, Division of Banks & Real Estate

Not available at this time.