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How Much Does an Illinois Residential Mortgage Broker Bond Cost?
A residential mortgage broker bond in Illinois costs between $25,000 to $150,000. The Illinois surety bond is required for broker licensing under Administrative Code 1050.490. The amount is based on the broker’s loan volume during the previous calendar.
The lowest surety bond amount of $25,000 applies to applicants with $5 million or less in loan volume. The highest amount of $150,000 applies to those with loan volume over $100 million during the last calendar year.
Rather than pay the full bond amount, you can purchase your bond through a surety bond company. Bond premiums range from $250 to $15,000.
Applicants with credit scores above 700 qualify for premiums from 1% to 3%. Applicants with credit scores between 600 and 699 qualify for premiums from 3% to 5%. Premiums of 5% to 10% are available for applicants with a 599 credit score or below.
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Surety Bond Cost Based on Credit Score |
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Surety Bond Name |
Surety Bond Amount |
Over 700 |
Between 600 - 699 |
Below 599 |
|
Illinois Residential Mortgage Broker Bond ($0-$5,000,000 loan volume) |
$25,000 |
$250 - $750 |
$750 - $1250 |
$1250 - $2500 |
|
Illinois Residential Mortgage Broker Bond ($5,000,001- $20,000,000) |
$50,000 |
$500 - $1500 |
$1500 - $2500 |
$2500 - $5000 |
|
Illinois Residential Mortgage Broker Bond ($20,000,001-$50,000) |
$75,000 |
$750 - $2250 |
$2250 - $3750 |
$3750 - $7500 |
|
Illinois Residential Mortgage Broker Bond ($50,000,001-$100,000,000) |
$100,000 |
$1000 - $3000 |
$3000 - $5000 |
$5000 - $10000 |
|
Illinois Residential Mortgage Broker Bond (Over $100,000,000) |
$150,000 |
$1500 - $4500 |
$4500 - $7500 |
$7500 - $15000 |
How to Get an Illinois Residential Mortgage Broker Bond
1. Apply For Your Bond
It only takes a few minutes to apply for a mortgage broker bond in Illinois. Fill out the online application for your Illinois residential mortgage broker bond to receive a quote. We provide competitive rates to our customers dependent on their credit scores and assets.
We were recently contacted by Sam, who was opening a new mortgage brokerage office. He had a low credit score and was uncertain if he could get bonded. We gave him a competitive rate based on his credit score and assets. Sam was able to get licensed and now runs a successful office.
2. Get a Quote
With our streamlined application and more than 20 years of experience, we simplify the process of getting a mortgage broker bond. Once you submit your online application, you’ll receive a free, no-obligation quote.
More than 99% of applicants qualify for a mortgage broker bond through our surety bond company. Often, applicants receive an instant quote from us. If your situation is more complex, we will send you a quote within 48 hours.
3. Purchase Your Bond
After reviewing your bond quote, the final step is to purchase your bond. For your convenience, premiums can be paid online.
We will then email the bond to you, or we can mail it if requested. With a bond in place, our customers can complete their application for a mortgage broker license in Illinois.
Mortgage Broker Bond Requirements in Illinois
The residential mortgage broker bond requirements in Illinois are established under 38 III. Administrative Code 1050.490. Both bonding and licensing are regulated by the Illinois Department of Financial and Professional Regulation.However, the application must be submitted with the NMLS.
When reviewing how to get a mortgage broker license in Illinois, setting up a residential mortgage broker bond, also known as “mortgage broker bond” is a requirement. The bond amount ranges from $25,000 to $150,000 and is based on the previous year’s loan volume.
The bond’s term length is concurrent with the mortgage broker license’s term length. Surety bond documentation is required for a new application. The bond must be renewed annually along with the license, and documentation should be submitted with the licensing renewal application and documents.
The renewed bond amount is based on the broker's loan volume over the previous calendar year. Your surety bond company will require updated documentation before renewing the bond.
Submit the surety bond form with your other licensing documentation to the Department of Financial and Professional Regulation. It can be mailed to:
Illinois Department of Financial and Professional Regulation
555 West Monroe Street, 5th Floor
Chicago, IL 60661
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What Our Clients Have To Say?
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
Quick response times and turn around for issuing bonds. Great customer service and very knowledgeable. We have used Lance Surety multiple times and have never been disappointed. Highly recommend them and Collette!
Long story short, these guys cut through the B.S. and get the job done. Responsiveness, excellent! Communication, excellent! Respect for their industry partners, excellent! John, Collette, Ryan, you're all-stars! Thank you!
We decided for Lance Surety Bond's quote for 2 reasons; Price and Customer Service. Our Representative Ryan was just SUPERB!! [...] I highly recommend Lance Surety Bond for all your Bonding needs! I'll definitely come back for all of mine. :-) Thanks Ryan!
