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PERC LICENSEES: The deadline to renew your license without a late fee has been extended to July 31, 2024. Contact our call center at 1-800-560-6420 if you have questions. You can also view our helpful guides for retrieving your user name and for help resetting your password.

Effective July 24, 2024, we request individuals seeking updates on licensure applications make virtual appointments on Wednesdays instead of visiting the Department’s Springfield office. Learn more on the IDFPR's Contact Us webpage.

Mortgage Banking Frequently Asked Questions

1.How do you obtain a MB license or branch license?

Please click here for instructions to obtain a MB license or branch license: Here

2.How long does it take to obtain a MB license?

It takes approximately 30 business days to issue a license with a complete application.

3.Is Illinois a brick and mortar state?

No, a physical presence is not required in Illinois but may trigger additional requirements under the Act. Per this guidance, for the initial application for an MB License the first averment should be answered “yes”

4.Does a branch manager need to be licensed as an MLO in Illinois?

No, a branch manager who does not originate loans does not need to be licensed as a MLO.

5.Does an out of state branch need to be licensed with the Department?

No, a branch outside of Illinois does not need a license, only its corporate office requires a license.

6.Does a lead generator need a MB license?

If the lead generator collects and transmits a potential borrower’s contact and minimal loan information before an application is created, such as name, address, telephone number, email, minimum loan amount, estimated home value, approximate credit rating, loan type desired, property type, down payment percentage, current on mortgage, and does not request non public personal information such as date of birth or Social Security Number, then a license would not be required (please see 12 CFR 226.2(a)(3) for an illustrative definition of "application").

7.Do I need audited financial statements for my initial licensure?

Yes, all new applicants must provide audited financial statements as part of requirements for licensure. For a subsidiary, alternatively see 205 ILCS 635/2-2.

8.Can an MB use Team names in its advertisements?

Yes, as long as the name of the MB is present and the Team name is not more prominent than the name of the MB.