Who may need this license

Detailed scope guidance is being verified against the current NMLS checklist.

Estimated filing costs

Application fee

$2,700

License fee

$0

NMLS fee

$120

Financial requirements

Financial statement (new application)

Audited

Annual financial statement

Unaudited (compiled)

Net worth

$150,000- verified via Audited financials for funding, servicing, purchasing and/or underwriting, AND brokering, processing, and/or soliciting without an in-state office. $50,000 – verified via Unaudited (compiled) financials for brokering, processing and/or soliciting with in-state office. Note: If only processing Illinois residential loans please surrender your Residential Mortgage License and apply for the Exempt Entity Processor Registration. This registration does not require financials.

Source text preserved as written — see statute or checklist for the exact calculation.

Bonding

Surety bond required

Yes

Minimum bond amount

$25,000

Control-person and background requirements

Credit report roles

Not on file

Criminal background check roles

Direct Owners / Executive Officers: any direct owner with 10% or more ownership must complete CBC; Indirect Owners: any indirect owner with 10% or more ownership in the main company must complete CBC

Ongoing reporting

MCR — Mortgage Call Report

Required

A periodic report of loan origination and servicing activity filed through NMLS.

SSSF — State-Specific Supplemental Form

Not required

A state-specific form filed alongside standard NMLS reporting to satisfy that state's additional requirements.

UAAR — UAAR

Not required

A state reporting requirement. The full definition has not yet been verified against NMLS or state-regulator source documentation — treat as provisional pending confirmation. (definition pending verification)

Advance-change notice timing

Legal name change notice

10 days

Main address change notice

10 days