Illinois Mortgage Loan Originator Bonds

The State of Illinois Department of Financial and Professional Regulation, Division of Banking has a $20,000 minimum IL Mortgage Loan Originator Bond requirement for any company or entity that brokers, funds, originates, services, or purchases Illinois residential mortgage loans. 
 
Licensed mortgage brokers, mortgage bankers and exempt company registrants must file an IL Mortgage Loan Originator Bond that provides coverage for each sponsored Mortgage Loan Originator in an amount that reflects the dollar amount of Illinois mortgage loans applied for or originated during the preceding calendar year.  The bond amount will be set and adjusted as necessary annually in accordance with the following scale, based upon Illinois residential mortgage loans brokered, funded, originated, serviced or purchased during the preceding calendar year (as of 2011):
 
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
 
Each Illinois Mortgage Loan Originator Bond shall be for a term concurrent with the term of the license or registration, beginning with licenses or registrations issued with an expiration date of December 31, 2011; and concurrent with the license or registration for new or renewed bonds thereafter.

Ameribonds® Surety is a major provider of Illinois Mortgage Loan Originator Bonds, and can provide the bond at very affordable rates.  Before applying for the IL Mortgage Loan Originator Bond, you will need to confirm with the licensing entity the bond amount you need. 

For further information on licensing and exemptions, please visit: http://www.obre.state.il.us/resfin/forms/ILSuretyBondRequirements.pdf, or

http://mortgage.nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=IL