Mortgage · Illinois
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Illinois mortgage FAQs
Several Illinois MLO license requirements must be met before obtaining a license. Complete 20 hours of NMLS approved pre-licensing coursework (the 20 Hour SAFE Comprehensive course). Sit for the National Mortgage Loan Originator test and pass the exam. Pay the required license fees through the Nationwide Multistate Licensing Service (NMLS). Attach the application with details of residency and employment history. Complete fingerprinting to clear criminal background checks by the state and federal agencies. Submit a credit report that proves you can take financial responsibility. Be covered under an employer’s lending bond or obtain an individual surety bond. The Illinois Department of Financial & Professional Regulation issues an MLO license in Illinois after these conditions are met.See the answer for every state
An MLO license is a Mortgage Loan Originator license. The license is issued by the Illinois Department of Financial & Professional Regulation. It authorizes a compensated individual to take residential mortgage loan applications and negotiate the terms of residential mortgage loans secured by properties located within the state of Illinois.See the answer for every state
Some jurisdictions in IL require general licenses for any business operating there. To get a license, register your business with the Illinois Secretary of State. Starting an independent mortgage brokerage business in Illinois will require that you complete the process of obtaining a IL Mortgage Broker License for your company or yourself as a broker, and a Mortgage Loan Originator License which authorizes you to engage in mortgage loan origination activities.See the answer for every state
If you act as a mortgage loan originator for pay or other compensation on behalf of a non-depository lender offering residential mortgage loans secured by real estate located in the state of Illinois, you are required to obtain a Illinois Mortgage Loan Originator (MLO) license. Acting as a mortgage loan originator means taking residential mortgage loan applications and/or negotiating the terms of residential mortgage loans. Independent Contractor mortgage loan processors and mortgage loan underwriters are also required to obtain this license.See the answer for every state
The Illinois DFPR charges a license application fee of $200. Additional fees of $36.25 are for an FBI criminal background check, an NMLS processing fee of $35, and a $15 credit report charge. There is also the cost of completing an MLO license course in Illinois. The 20-hour MLO pre-licensing course is offered by RealEstateU for $199. After completing the NMLS MLO pre-licensing course, you must pay $110 to take the National MLO SAFE test. The total Illinois MLO license cost works out to $595.25.See the answer for every state
Several factors determine the time it takes to get an MLO license in Illinois. It takes about two weeks to obtain a unique identification number from NMLS. This period includes time taken for documentation and background checks. The pre-license coursework is 20 hours and this will take 14 days to complete, even if you study at your preferred pace. Schedule and pass the SAFE ACT MLO test. Go through the checklist of requirements for new applications located here! Next, the Illinois DFPR will review your application and the time for it depends on the number of pending new applications. Typically, the time taken at this stage is thirty to sixty days. Hence, get an MLO license in Illinois in 2 to 4 months after all the variables given above are considered.See the answer for every state
Yes. The National 20-hour SAFE Comprehensive course can be taken online as an instructor-led course that is taken over a 14-day period. After completing the RealEstateU 20-hour coursework, you can apply online for an MLO license through the NMLS. However, you must go to an in-person center to submit your fingerprints and sit for the MLO SAFE ACT test.See the answer for every state
The Illinois MLO license education requirement only includes the National 20-hour SAFE Comprehensive course. Check out the RealEstateU MLO license course in Illinois by scrolling up to the course packages on this page.See the answer for every state