Illinois Mortgage License Bond
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Illinois mortgage industry bonds ensure that licensed mortgage professionals follow state laws and industry regulations. These surety bonds protect consumers from illegal and unethical mortgage lending practices.
How Much Does a Mortgage Bond Cost in Illinois?
Bond requirements for mortgage professionals in Illinois vary based on the license type and annual loan volume. The cost of a Illinois mortgage industry license bond is typically a small percentage of the total bond amount.
We work with the nation’s top surety providers to offer the lowest mortgage bond prices available. Qualified applicants often pay a rate of just 0.75–3% of the bond amount. However,pricing may vary based on personal credit score.
Where to Buy a Illinois Mortgage Industry License Bond
The easiest way to get a Illinois mortgage license bond is through SuretyBonds.com. With our industry-leading technology and service, we issue bonds faster than any other surety provider.
Need to be bonded in multiple states? SuretyBonds.com is licensed to issue mortgage license bonds in all 50 states.
How Do I Get a Mortgage Bond in Illinois?
You can get your Illinois mortgage license bond quickly and easily with SuretyBonds.com. Just follow these four steps:
- Step 1: Apply for your bond online
- Step 2: Receive a free quote within one business day (some bonds are available for instant purchase)
- Step 3: Pay for your invoice online or over the phone
- Step 4: File the bond with the Illinois licensing office
We file most mortgage bonds electronically with the NMLS on the principal’s behalf. If your obligee requires the original document, select two-day, next-day or overnight shipping for your physical bond form.
How Do I Renew My Mortgage Bond?
You must renew your Illinois mortgage license surety bond whenever the current term expires. Once you pay your SuretyBonds.com renewal invoice, you'll receive an email with instructions on how to keep your bond and license active with the NMLS.
How Do Illinois Mortgage License Bonds Work?
An Illinois mortgage surety bond ensures that mortgage lenders and brokers will operate ethically and lawfully. If they fail to do so, harmed parties can file a claim to recover damages. The surety provider will pay the claim amount and the bondholder must reimburse the surety.
Learn more in our Guide to Surety Bonds for Mortgage Professionals.
Have Questions?
Call 1 (800) 308-4358 to talk with a Surety Expert today.
