Illinois Residential Mortgage License Bond
AmeriPro Surety Bonds | 844-589-9732
Illinois Residential Mortgage License
The Illinois residential mortgage license and bond are regulated by the Illinois Department of Financial and Professional Regulation.
Both the residential mortgage license bond and the other licensing requirements are filed through NMLS.
Illinois Residential Mortgage License Bond: The Amount Required
The amount of the surety bond you are required to purchase will depend on the value of Illinois home loans originated and brokered within the prior calendar year.
Such requirements also extend to loans purchased and funded.
The breakdown for the requirement of the Illinois residential mortgage license bond is as follows:
Total $ amount of prior calendar year Amount of Surety Bond Required
$0- $5,000,000 $25,000
$5,000,000 to $20,000,000 $50,000
$20,000,001 to $50,000,000 $75,000
$50,000,001 to $100,000,000 $100,000
Over $100,000,000 $150,000
Illinois Residential Mortgage License Bond: The Purpose of this Surety Bond
The purpose of your Illinois residential mortgage license bond is a financial guarantee for the people of Illinois – your customers — that you will be in compliance with all rules and regulations governing the mortgage broker profession.
Specifically, this includes following the Residential Mortgage License Act of 1987 and any and all subsequent amendments.
Specifically, and according to the Act, the bond protects the Illinois consumer against any criminal acts and omissions committed by a residential mortgage licensee in the conduct of their professional duties.
Such conduct – or misconduct — extends not only to the residential mortgage licensee, but criminal acts committed by others, including employees, agents, and owners.
But residential mortgage license bond is not an insurance policy.
And because it is not, should a claim be deemed credible and therefore paid by the surety, it is the legal responsibility of the principal (the owner of the surety bond) to reimburse the surety for all costs, fees, and amounts involved in the settlement of the claim.
Illinois Residential Mortgage License Broker Bond: The Premium and Duration
The premium for this surety bond is the price you will pay for its issuance.
The bond, whenever purchased, expires on December 31st of that same year. If it is purchased on December 31st, then it expires the following December 31st.
Depending on when the bond is purchased, the premium may be prorated.
The amount required for the surety bond will be determined by the following:
- The surety bond amount required;
- An application, along with a standard credit check. For larger bond amounts, more information may be requested (i.e. financial statements).
Applicants with very good credit may pay as little as 1% annually for the surety bond amount required; however, the amount you will be required to pay will be depend on your credit score.
AmeriPro Surety Bonds thanks you for your consideration of our agency.
We are a surety bonds-only company, providing license and permit, contractor, court, and fiduciary bonds throughout Illinois.
We also provide surety bonds nationwide.