1 (844) 589-9732

Illinois Residential Mortgage License Bond

The Illinois residential mortgage license bond is a requirement of the state. The amount required is dependent on the prior calendar year’s production level. Please call AmeriPro Surety Bonds today at: 844-589-9732.

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.

 

 

 

About Us

 

 

 

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.

 

 

Please call our agency today at: 844-589-9732

Request a Callback

  • Date Format: MM slash DD slash YYYY
  • Please note: We do not share or rent your address to anyone, except for underwriting purposes associated with your bond.
  • This helps us to find exactly the surety bond that you require. By the way, it's perfectly OK to not know the type of surety bond you need; that's why we're here!
  • This field is for validation purposes and should be left unchanged.

AmeriPro Surety Bonds

Our focus is exclusively surety bonds. We have two areas of concentration: YOU, our customer; and providing you with the surety bond that you need. Whether the bond is an "instant issue"; is for a contractor; a court bond; or one for a client with lower credit scores, AmeriPro Surety Bonds dedicates itself to providing our customers with a seamless, professional, and quick surety bond experience.

apply today

recent news

Lost Cashier’s Check Bond | Lost Instrument Bond

If you’ve lost a cashier’s check or money order, to replace it, the banking institution will require that a “Lost Instrument bond” be purchased in order to re-issue it. Learn how to quickly purchase this bond with AmeriPro Surety Bonds.

Mortgage Broker Bond

A mortgage broker bond is a license and permit bond which states require to become properly licensed and which is also required to protect the public from wrongful acts committed by a mortgage broker.

Notary Public Bond California

A notary bond, also known as a notary public bond, is a bond that is required by the state of California to engage in the business of witnessing signatures on documents. 

Missouri Replevin Bond

Missouri Replevin Bond AmeriPro Surety Bonds | 844-589-9732       Missouri Replevin Action; Surety Bond Requirement, Amount & Purpose       An action of replevin occurs when a Plaintiff, in a civil court matter, is permitted by the...

Mississippi Replevin Bond

Mississippi Replevin Bond AmeriPro Surety Bonds | 844-589-9732       Mississippi Replevin Action; Bond Amount and Purpose       An action of replevin occurs in a civil litigation proceeding. The replevin allows the Plaintiff, before a...

Ohio Receiver Bond

Ohio Receiver Bond AmeriPro Surety Bonds | 844-589-9732       Surety Bond; Purpose And Amount       An Ohio receiver may be appointed by a court or state supreme court to handle matters relating to a mortgage; enforcing rental agreements;...

contact us

Office: 1 (844) 589-9732

Hours of Operation:

Monday – Friday 6 am to 5 pm (PST)