Mortgage Broker
Residential Mortgage Broker License
Physical In-State Office Required: Yes (unless you meet the $150,000 net worth requirement)
Qualifying Individual: No
Minimum Net Worth: $50,000 to $150,000 Audited for first year
Surety Bond: $25,000 to $150,000 (Depending on Volume)
Fidelity Bond: $100,000 if no in-state office.
Comments: Minimum $50,000.00 net worth for Licensees headquartered in Illinois who only conduct mortgage brokering activities. Minimum $150,000.00 net worth and $100,000 fidelity bond for Licensees headquartered outside Illinois who do not have a physical presence in Illinois, in the form of a full service office, approved to operate by the Illinois Department of Financial and Professional Regulation (IDFPR). Twenty Percent (20%) of the company’s assets must be maintained in a cash/cash equivalent for all licensees conducting mortgage brokerage activities only.
Residence will only work as physical location if:
The County/Village will provide a letter authorizing the use of the home for this purpose.
The Office in the residence has a separate entrance from outside with signage.
Pictures, a Floor plan, and a letter of explanation can evidence that the office has a separate entrance.
Branch Manager who owns residence must lease the space to the company.
License Cost Breakdown – Estimated fees not including Integrity Mortgage Licensing Service Fee:
$175 – Foreign Entity Fee
$125 – Registered Agent Fee
$250 – Surety Bond Fee
$2,143– Company License Fee
$500 or more – Fidelity Bond (unless you are applying for broker authority only and have a physical presence in Illinois.)