Illinois Residential Mortgage License Bond - Exempt Entity

Bond Details

IL Residential Mortgage License Bond (Exempt Entity) – $50,000 bond – $300 per year

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.