Residential mortgage bond cost
Illinois residential mortgage license surety bond amounts must be at least $25,000 for all licenses and at least $100,000 for applicants without an Illinois office. The amount of the bond is dependent on the volume of Illinois loan applications taken in the previous calendar year.
The price an applicant will pay for this bond depends on a review of his or her personal credit report.
Why this bond
The state of Illinois mandates that any company or entity involved in the business of residential mortgage brokering, funding, originating, servicing or purchasing should post a surety bond as part of the licensing process. This bond has been put into place for the protection of consumers against any financial damages that may occur during the mortgage process due to a violation of the law.
Apply today for a free quote on an Illinois residential mortgage license bond. Our bond experts can typically get you a bond quote within one business day of applying!
Residential mortgage bond details
These bonds expire annually on December 31, so your bond premium could be prorated depending on when you buy it. Our team of surety experts works hard to get you bonded according to your specific needs.
If the surety wishes to cancel the bond before the expiration date, notice must be given to the state at least 30 days prior to the termination date.
Become a residential mortgage licensee
All license applicants must have the following:
- A net worth of at least $50,000 for mortgage brokers with Illinois offices
- A net worth of at least $150,000 for mortgage brokers without an office in the state
- A surety bond in the correct amount
- A criminal background check and credit check
- 3 years experience or equivalent coursework
Our experts understand all of these requirements and are ready to help you take the first step toward getting licensed by getting you the bond you need.
Apply for your surety bond
Get a FREE Residential Mortgage License Bond Quote Today! Click here to begin