Mortgage licensing / Illinois

Illinois Residential Mortgage License

company licence · NMLS ILRES_C · DFPR

Requirements (12)

1. Step 1

   Bank Account: Bank account information must be completed for all of the company’s Letter/Line of Credit, Operating, and/or Trust Primary accounts.

   Submitted via: NMLS

2. Step 2

   Credit Report: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

3. Step 3

   MU2 Individual FBI Criminal Background Check Requirements: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

4. Step 4

   Other Trade Name: For each Other Trade Name, please list under Other Trade Names section on the NMLS Company (MU1) Form and register as an assumed name with the Illinois Secretary of State.

   Submitted via: NMLS

5. Step 5

   Surety Bond: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

   Submitted via: NMLS

6. Step 6

   Surety Bond: The surety bond amount will be set for each licensed mortgage broker and mortgage banker and registered exempt company and adjusted as necessary annually by the Director in accordance with the following scale, based upon Illinois residential mortgage loans brokered, funded, originated, serviced or purchased, as the case may be, during the preceding calendar year (table on the following page): Loans Bond Amount $0 - $5,000,000 $25,000 $5,000,001 - $20,000,000 $50,000 $20,000,001 - $50,000,000 $75,000 $50,000,001 - $100,000,000 $100,000 Over $100,000,000 $150,000 See 205 ILCS 635/3-1(c) & 38 Ill. Adm. Code 1050.490

7. Step 7

   Illinois Secretary of State Documentation: Upload a certified copy of: • The Corporate Charter or Articles of Incorporation (if a corporation), or • The Articles of Organization and Operating Agreement (if a Limited Liability Company), or • The Partnership Agreement (if a partnership of any form). this document in NMLS under the Document Type “Certificate of Authority/Good Standing Certificate” in the Document Uploads section of the Company (MU1) Form. The document should be named ‘ILLINOIS- ArticlesorAgreement.’

   Submitted via: NMLS

8. Step 8

   Certificate of Good Standing: Provide a state issued document by the Illinois Secretary of State’s office demonstrating that the corporation or limited liability company (LLC) exists or is authorized to do business in the state dated not more than 60 days prior to the filing of an application through NMLS. this document in NMLS under the Document Type “Certificate of Authority/Good Standing Certificate” in the Document Uploads section of the Company (MU1) Form. The document should be named ‘ILLINOIS-SOS Certificate.

   Submitted via: NMLS

9. Step 9

   Fidelity Bond: Upload a fidelity bond in the minimum amount of $100,000 per license. The name of the principal insured on the bond must match exactly the Full Legal Name of applicant. This requirement is not needed for in-state brokers or processors only. Anyone without an Illinois office would need to upload this in NMLS. It is also called a mortgage banker's bond to protect the company against employee theft/dishonesty/crime. this document in NMLS under the Document Type “Fidelity Bond” in the Document Uploads section of the Company (MU1) Form. The document should be named ‘ILLINOIS-Fidelity Bond.’

   Submitted via: NMLS

10. Step 10

    Financial Statements-Independent Audit Firm Information: See the License Requirements and Fees Chart on the NMLS Resource Center for details related to this Requirement.

    Submitted via: NMLS

11. Step 11

    Financial Statements-Independent Audit Firm Information: Upload current, audited financial statements prepared by a licensed, Certified Public Accountant, in accordance with Generally Accepted Accounting Principles and signed by an executive officer. Include the Certified Public Accountant’s name, license number, address and phone number. Financial statements should include a Balance Sheet, Income Statement and Statement of Cash Flows, all relevant notes thereto, and must show evidence of minimum net worth of $50,000 for mortgage brokers with Illinois offices and $150,000 for mortgage bankers and mortgage brokers without Illinois offices. Audited Financial statements for newly created companies must be current and include at minimum, a signed cover letter, balance sheet, and notes. Applicants who are subsidiaries may submit audited consolidated financial statements of their parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements which include the applicant's financial statement. If the consolidating statements are unaudited, the applicant’s chief financial officer shall attest to the applicant's financial statements disclosed in the consolidating statements. Once an applicant is licensed, they must submit timely annual financial statements within 90 days of their stated fiscal year end.

12. Step 12

    Exemption Agreement: this document in NMLS under the additional requirements tab in the document uploads section of the company (MU1) Form. The document should be named “IL Exemption Agreement” Click to download form

    Submitted via: NMLS

General information

Other Illinois mortgage licenses

• Mortgage Loan Originator License
• Student Loan Servicer License
• Temporary Military Mortgage Loan Originator License
• All 4 Illinois licenses

Sourced from the NMLS/CSBS state licensing record, last updated January 13, 2026. Requirements change — confirm against the state agency before filing. Not legal advice.