Mortgage licensing / Illinois

Illinois Student Loan Servicer License

company licence · NMLS ILSTUDENTLNSERVICER_C · DFPR

Requirements (11)

1. Step 1

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

   Submitted via: NMLS

2. Step 2

   Financial Statements: an applicant that is a subsidiary may submit audited consolidated financial statements of its parent, intermediary parent, or ultimate parent as long as the consolidated statements are supported by consolidating statements that include the applicant's financial statement

3. Step 3

   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

4. Step 4

   Resident/Registered Agent: The Resident/Registered Agent, or Direct owner, etc. must be listed under the Resident/Registered Agent section of the Company Form (MU1) and must match the information currently on record with The Illinois Secretary of State.

   Submitted via: NMLS

5. Step 5

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

   Submitted via: NMLS

6. Step 6

   Credit Report Explanations: Submit a line by line, detailed letter of explanation of all derogatory credit accounts along with proof of payoffs, payment arrangements and evidence of payments made, or evidence of any formal dispute filed (documents must be dated). Accounts to address include, but are not limited to: collections items, charge offs, accounts currently past due, accounts with serious delinquencies in the last 3 years, repossessions, loan modifications, etc. Note: Items regarding bankruptcy, foreclosure actions, outstanding judgments or liens, or delinquent child support payments should be addressed in the Disclosure Explanations section of your Individual Form (MU2). This document should be named Credit Report Explanations – Sub Name – Document Creation Date.

   Submitted via: Upload in NMLS: under the Document Type Credit Report Explanations in the Document Uploads section of the Individual Form (MU2).

7. Step 7

   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

8. Step 8

   Certificate of Authority/Good Standing Certificate: Applicant must register with the Illinois Secretary of the State dated not more than 60 days prior to the filing of the application through NMLS that demonstrates authorization to do business in the applicant’s state of formation and IL.

   Submitted via: Upload in NMLS: under the Document Type Certificate of Authority/Good Standing Certificate in the Document Uploads section of the Company Form (MU1).

9. Step 9

   Management Chart: Submit a Management chart displaying the applicant’s directors, officers, and managers (individual name and title). Must also identify compliance reporting and internal audit structure. If the existing uploaded management chart already includes the above information, an additional document does not need to be uploaded. A company should only upload a single management chart. This document should be named [Company Legal Name] Management Chart.

   Submitted via: Upload in NMLS: under Management Chart in the Document Uploads section of the Company Form (MU1).

10. Step 10

    Figure Letter: Complete and submit the Figures Letter.

    Submitted via: Upload in NMLS: under the Document Type Additional Requirements (IL – Figure Letter) in the Document Uploads section of the Company Form (MU1).

11. Step 11

    State of Illinois Averments: Complete and submit State of Illinois Averments.

    Submitted via: Upload in NMLS: under the Document Type Additional Requirements (IL – Averments) in the Document Uploads section of the Company Form (MU1).

General information

Other Illinois mortgage licenses

• Mortgage Loan Originator License
• Residential Mortgage License
• Temporary Military Mortgage Loan Originator License
• All 4 Illinois licenses

Sourced from the NMLS/CSBS state licensing record, last updated October 21, 2025. Requirements change — confirm against the state agency before filing. Not legal advice.