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Illinois SAFE / Mortgage Licensing

About Illinois Mortgage Licensing

Looking to become an Illinois Mortgage Broker or Loan Officer to serve communities in Chicago, Aurora, Joliet, Rockford, Naperville, Springfield, Peoria, and other cities in Illinois? If yes, you've come to the right place!

The Mortgage Training Center offers a variety of Illinois mortgage licensing and training courses to help you earn your Illinois mortgage license or Illinois continuing education credits.

What Do Mortgage Brokers in Illinois Do?

A mortgage broker is a licensed professional that acts as a middleman between lenders and purchasers. The broker works to find a mortgage lender with terms and rates that best fit the customer's needs, then going through the required processes and working with the mortgage underwriter to get the loan approved.

What Is The Difference Between A Mortgage Broker And A Mortgage Loan Officer?

Basically, the Mortgage Broker is the business owner and the Mortgage Loan Officer is an employee of the Mortgage Broker. In some instances, like a single-person shop, the Mortgage Broker does the work of the Loan Officer. Bottom line, the Mortgage Broker is responsible for the work output and complying with applicable laws.

What Does A Mortgage Loan Officer Do?

A Mortgage Loan Officer starts the mortgage application process by gathering from potential borrowers the information needed to start that borrower's loan review process. This includes things like W2s, 1099s, bank statements, tax returns, etc.

They are responsible for working with the borrower to complete mortgage loan application, submitting the application to underwriting, following up on any additional information needed or requested from the underwriter, then communicating the loan decision to the potential borrower.

How Do Mortgage Brokers Make Money?

Mortgage brokers make money by dealing with lenders who discount the cost of their mortgage product to allow a mortgage broker the ability to charge a fee by submission of a loan package for funding. This relationship between a mortgage broker and a lender is called wholesale lending.

How To Get A Mortgage License In Illinois

You earn your mortgage license in Illinois by:NMLS SAFE Training
  • Applying for an NMLS account and ID number
  • Completing your pre-licensing course requirements
  • Passing the SAFE licensing exam
  • Applying for your license with the NMLS
Get started by selecting an Illinois mortgage pre-licensing course from the list below.

Recommended Illinois NMLS Mortgage Broker Licensing Courses

Potential Mortgage Brokers in Illinois can learn at their own pace with our convenient, cost-effective, state and NMLS-approved mortgage loan officer license training courses.

The Mortgage Training Center offers both online and in-person NMLS licensing and NMLS training courses in xx. Simply choose your preferred option from the recommended courses listed on this page, or you can choose "NMLS" and your resident state from the "Licensing" section of the search box herein.

Recommended Training Courses:

Webinars Or Audio Conferences
Online Training Courses
Find Seminars, Webinars, And Online Training In Your Area
Licensing
Earn your License quickly and easily!
Professional Development
Products & Services to help manage and grow your career!

Illinois Mortgage Broker Licensing Requirements

Become A Mortgage Broker in Chicago, Aurora, Joliet, and other cities in Illinois!

Applicants who wish to obtain a Mortgage Broker License in Illinois must often provide either a Surety Bond, Irrevocable Letter of Credit, audited financial statements reflecting a minimum net worth, a ten-year history of their business and employment activities, as well as a personal disclosure of any negative financial facts or criminal activity.

For questions on these and other Illinois Mortgage Broker licensing requirements, go to https://nationwidelicensingsystem.org/slr/Pages/DynamicLicenses.aspx?StateID=IL or contact:

Illinois Department of Financial and Professional Regulation
100 West Randolph, 9th Floor
Chicago, IL 60601
1-888-473-4858
https://www.idfpr.com/Contact/IDFPRContact.asp

Recommendations Once You Get Your Mortgage Broker License

To Comply With Common Mortgage Regulations

The federal government regulates the mortgage industry through a series of acts passed by Congress. These include:
  • Regulation Z / TILA
    The federal Truth-In-Lending Act (TILA) requires that lenders disclose the terms of a mortgage in writing. TILA is designed to protect consumers by ensuring clear disclosure of the key terms of the loan, as well as any costs or fees involved.
  • UDAAP
    UDAAP is an acronym referring to unfair, deceptive, or abusive acts or practices by those who offer financial products or services to consumers. Under the Dodd-Frank Act, it is unlawful for any provider of consumer financial products or services or a service provider to engage in any unfair, deceptive, or abusive act or practice.
To Close The Loan
  • Appraisal Review Workshop
    By taking this course, you will learn the details on what the industry looks for in these reviews to prevent fraudulent appraisal practices, plus gain the details and a complete understanding of the Sales Comparison Approach, Income Approach, and Cost Approach
  • Loan Officer Boot Camp
  • Personal And Business Tax Return Analysis
    Learn to interpret tax returns for both commercial and consumer lending purposes.
  • Loan Officer Boot Camp
    Our "Loan Officer Boot Camp" training program provides excellent training for new and experienced Loan Officers - and even includes sales pitches and advanced calculations!








Disclaimer: This information provided is based on state laws and regulations, and is subject to change. While we make every effort to asure this information is current and accurate, it is not engaged in rendering legal or professional advice, and shall not be held responsible for inaccuracies contained herein.
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